Forensic Analysis · Industrial & Scientific Instruments · as of Nov 11, 2026
Syntec Optics Holdings, Inc. (OPTX)
A forensic read on Syntec Optics Holdings, 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
Grey Zone
Financial health
2.5
Distress distance
Clean
Earnings quality
5
Forensic signals
-17.4%
ROE
-1.3%
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.
Syntec Optics Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.5, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-2.9%
FY2025
Return on invested capital.Return on invested capital is -2.9% in the latest fiscal year, against 10.4% in FY2023, having run between -14.2% and 10.4% across FY2023–FY2025 with no direction held. After-tax operating profit was $1M in FY2023 and ($408,904) in FY2025, with operating income at 5.2% of revenue in FY2023, -9.1% in FY2024 and -1.8% in FY2025. The capital base behind it went from $13M in FY2023 to $14M in FY2025 (+7%), while the revenue it carried went from $29M to $28M.
+6.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +14% over the last 2 years to FY2025 (+6.8%/yr). The count is growing — 32.4M shares in FY2023, 36.9M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.8% 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 ~12%.
48d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 41 to 48 days FY2024→FY2025 (receivables +16% vs revenue -1%). Across FY2023–FY2025 the day count ran 56 → 41 → 48 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Receivables grew, but deferred revenue grew +75% over the same period too — rising alongside rising unearned revenue reads as upfront billing on multi-period contracts, not slipping collections. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
126d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 103 to 126 FY2024→FY2025 (against cost of goods sold; inventory +13% vs -5% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue and 1058% of free cash flow in FY2025 — about $0.01 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 6.8% 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.
Key fundamentals
Latest Revenue$28.1M
Revenue Growth YoY-1.3%
Revenue CAGR (2yr)-2.3%
Net Margin-6.4%
Free Cash Flow$28,343
Return on Equity-17.4%
Debt / Equity0.28x
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 Syntec Optics Holdings, Inc.'s actual 10-K/10-Q/8-K filings?