Forensic Analysis · Consulting & Engineering Services · as of Nov 8, 2026
Onterris, Inc. (ONT)
A forensic read on Onterris, Inc. 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
Distress
Financial health
0.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-0.2%
ROE
19.3%
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.
Onterris, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.6, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
0.9%
FY2025
Return on invested capital.Return on invested capital is 0.9% in the latest fiscal year and rising across FY2023–FY2025 from -3.3%. After-tax operating profit was ($22M) in FY2023 and $8M in FY2025, with operating income at -4.6% of revenue in FY2023, -5.3% in FY2024 and 1.4% in FY2025. The capital base behind it grew +21% across FY2023–FY2025, from $681M to $825M, and the return did not fall doing it, so the dollars added over that window earned at least the -3.3% the older base was already earning.
+8.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +17% over the last 2 years to FY2025 (+8.1%/yr). The count is growing — 30.1M shares in FY2023, 35.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.1% 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 ~14%.
5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 5% of revenue and 47% of free cash flow in FY2025 — about $1.22 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 8.1% a year across FY2023–FY2025, 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.
-65%
FY2024→FY2025
Dividend — cut.The payout was CUT ~65% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$830.5M
Revenue Growth YoY+19.3%
Revenue CAGR (2yr)+15.3%
Net Margin-0.1%
Free Cash Flow$91.2M
Return on Equity-0.2%
Debt / Equity0.64x
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 Onterris, Inc.'s actual 10-K/10-Q/8-K filings?