Forensic Analysis · Wireline & Integrated Carriers · as of Nov 12, 2026
NextPlat Corp (NXPL)
A forensic read on NextPlat Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a quality and risk rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Clean
Earnings quality
5
Forensic signals
-46.9%
ROE
-17.8%
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 (auditor quality, say on pay, board independence, going concern). 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.
NextPlat Corp earns a D (Weak — demands caution) forensic quality grade. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-105.0%
FY2025
Return on invested capital.Return on invested capital is -105.0% in the latest fiscal year, against -76.7% in FY2023, having run between -110.8% and -76.7% across FY2023–FY2025 with no direction held. After-tax operating profit was ($18M) in FY2023 and ($7M) in FY2025, with operating income at -61.5% of revenue in FY2023, -34.8% in FY2024 and -16.6% in FY2025. The capital base behind it came down -72% across FY2023–FY2025, from $24M to $7M, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $14M goodwill write-off and a $28,000 asset write-down that alone took about 46.0 points off that year's return, so the FY2025 return is being compared with a base year that charge had already pulled down. FY2024's operating profit carried a $14M goodwill write-off and a $111,000 asset write-down that alone took about 66.2 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
+23.2%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +52% over the last 2 years to FY2025 (+23.2%/yr). The count is growing — 17.5M shares in FY2023, 26.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~23.2% 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 ~34%.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue in FY2025 — about $0.02 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 23.2% a year across FY2023–FY2025 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.
FCF ($6M)
FY2025
Shareholder returns.Returned $100,000 to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($6M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
$28M
FY2023–FY2024
Goodwill impairments.Took $28M of goodwill writedowns across 2 years (FY2023 ($14M), FY2024 ($14M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$54.3M
Revenue Growth YoY-17.8%
Revenue CAGR (2yr)+19.9%
Net Margin-19.3%
Free Cash Flow-$6.2M
Return on Equity-46.9%
Debt / Equity0.07x
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 NextPlat Corp's actual 10-K/10-Q/8-K filings?