Forensic Analysis · Technology / Software · as of Oct 3, 2026
Next Technology Holding Inc. (NXTT)
A forensic read on Next Technology Holding Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
13.4
Distress distance
Watch
Earnings quality
4
Forensic signals
31.4%
ROE
545.3%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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.
Next Technology Holding Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 13.4, placing it in the Safe zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.13×
FY2023 and FY2025
Cash conversion.Over FY2023 and FY2025, cumulative operating cash flow was 0.13× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
-11.1%
FY2025
Return on invested capital.Return on invested capital is -11.1% in the latest fiscal year, against -2.4% in FY2023, having run between -11.1% and 0.0% across FY2023–FY2025 with no direction held. After-tax operating profit was ($1M) in FY2023 and ($58M) in FY2025, with operating income at -47.0% of revenue in FY2023, -0.9% in FY2024 and -690.5% in FY2025. The capital base behind it grew +1036% across FY2023–FY2025, from $45M to $517M, while the return fell 8.7 points, so the dollars added over that window earned less than the -2.4% the older base was already earning.
+139.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +139.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply, and much of it is accounted for. That build tracks a +545% revenue year: net operating assets grew +458% and receivables -80%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 55% of net operating assets, against an accruals ratio of 139.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
661% of rev
Key fundamentals
Latest Revenue$11.6M
Revenue Growth YoY+545.3%
Revenue CAGR (2yr)+109.9%
Net Margin1232.6%
Return on Equity31.4%
Debt / Equity0.00x
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 Next Technology Holding Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Oct 3, 2026. Forensic signals flag probability, not certainty.
Next Technology Holding Inc. (NXTT) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
FY2025
Stock-based comp load.Stock-based compensation ran 661% of revenue in FY2025 — about $33.14 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 7925.8% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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.