Forensic Analysis · General / Diversified · as of Jun 28, 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
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-30.9%
ROE
$425M
Market cap
SYNTEC OPTICS HOLDINGS, INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.5, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
48d DSOReceivables vs revenue.Days sales outstanding moved from 41 to 48 days FY2024→FY2025 (receivables +16% vs revenue -1%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-3%Return on invested capital.Return on invested capital is -3% and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.6%/yrShare-count dilution.Diluted share count changed +17% over the last 3 years to FY2025 (+5.6%/yr). The count is GROWING — existing holders are being diluted. That's ~5.6% 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 FY2022 has been diluted ~17%.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 1058% of free cash flow in FY2025 — about $0.01 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
134dInventory days.Days inventory outstanding moved from 112 to 134 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.
Key fundamentals
Net Margin-6.4%
Debt / Equity0.28x
Free Cash Flow28343.00
Latest Revenue$28.1M
Return on Equity-18.8%
Revenue Growth YoY-1.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on SYNTEC OPTICS HOLDINGS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about OPTX's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown