Forensic Analysis · Semiconductors · as of Sep 25, 2026
Navitas Semiconductor Corp (NVTS)
A forensic read on Navitas Semiconductor Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
10.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-8.6
P / E (ttm)
-26.4%
ROE
$3.1B
Market cap
0.00%
Dividend yield
-44.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Navitas Semiconductor Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 10.6, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
166d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 125 to 166 FY2024→FY2025 (against cost of goods sold; inventory -14% vs -42% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-40.3%
FY2025
Return on invested capital.Return on invested capital is -40.3% in the latest fiscal year and slipping across FY2023–FY2025 from -32.7%. After-tax operating profit was ($93M) in FY2023 and ($85M) in FY2025, with operating income at -148.7% of revenue in FY2023, -156.9% in FY2024 and -234.7% in FY2025. The capital base behind it came down -26% across FY2023–FY2025, from $285M to $211M, so this is a return struck on a smaller base rather than a record of money put to work.
+10.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +22% over the last 2 years to FY2025 (+10.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~10.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~18%.
32% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 32% of revenue in FY2025 — about $0.07 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 10.3% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$45.9M
Revenue Growth YoY-44.9%
Revenue CAGR (2yr)-24.0%
Net Margin-254.7%
Free Cash Flow-$44.4M
Return on Equity-26.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Navitas Semiconductor Corp's actual 10-K/10-Q/8-K filings?