Forensic Analysis · Utilities · as of Jun 27, 2026
Oklo Inc. (OKLO)
A forensic read on Oklo 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
Clean
Earnings quality
3
Forensic signals
-8.6%
ROE
$8.7B
Market cap
Oklo Inc. earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+126.9%Accruals ratio. Net operating assets grew +126.9% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -6% of net operating assets.
-15%Return on invested capital. Return on invested capital is -15% and slipping from -0% — well below its ~6% cost of capital, so reinvested dollars may be destroying value, not building it.
+56.2%/yrShare-count dilution. Diluted share count changed +112% over the last 2 years to FY2025 (+56.2%/yr). The count is GROWING — existing holders are being diluted. That's ~56.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~112%.
Key fundamentals
Free Cash Flow$-115.4M
Return on Equity-7.2%
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🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.