Forensic Analysis · Materials / Mining & Chemicals · as of Sep 10, 2026

Optical Cable Corp (OCC)

A forensic read on Optical Cable Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

3.2

Distress distance

Clean

Earnings quality

Forensic signals

-8.8%

ROE

9.5%

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.

Optical Cable Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.2, 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). 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-1.5%

FY2025

Return on invested capital. Return on invested capital is -1.5% in the latest fiscal year and slipping from 1% — well below its ~8% cost of capital, and it has been across FY2013–FY2025, so reinvested dollars have not been earning their keep.

+3.6%/yr

FY2010–FY2012

Share-count dilution. Diluted share count changed +7% over the last 2 years to FY2012 (+3.6%/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 ~3.6% 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 FY2010 has been diluted ~7%.

stopped

FY2019→FY2021

Shareholder returns — halted. Capital returns have STOPPED — $1,573 of buybacks + dividends in FY2019, but ~$0 in FY2021. A halt usually means the company is conserving cash.

0.5% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 0.5% of revenue and 35% of free cash flow in FY2025. 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 3.6% a year, and the rate is falling. 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.

-75%

FY2015→FY2016

Key fundamentals

Latest Revenue$73.0M

Revenue Growth YoY+9.5%

Revenue CAGR (3yr)+1.9%

Net Margin-2.0%

Free Cash Flow$1.1M

Return on Equity-8.8%

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Data from SEC EDGAR public filings · metrics as of Sep 10, 2026. Forensic signals flag probability, not certainty.