Forensic Analysis · Software & SaaS · as of Nov 9, 2026
Oracle Corp (ORCL)
A forensic read on Oracle 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
Distress
Financial health
0.8
Distress distance
Clean
Earnings quality
3
Forensic signals
54.3%
ROE
17.3%
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.
Oracle Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.8, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+29.8%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +29.8% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +130% against revenue +17% and receivables up +21% against revenue +17%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 11% of net operating assets, against an accruals ratio of 29.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
FCF ($23.7B)
FY2026
Shareholder returns.Returned $5.9B to shareholders (buybacks + dividends) in FY2026, but free cash flow was ($23.7B) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $32.0B — 18% of that. Capex and the payout together ran $29.6B past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. New debt covered part of it: total debt rose $37.0B over FY2026, while cash and short-term investments rose $20.7B — $16.3B of the $29.6B. The FY2026 cash-flow statement filed $46.1B of debt issued against $6.9B repaid; $1.4B from shares issued; $2.0B of investments purchased; net cash used in investing activities of $51.9B; net cash provided by financing activities of $40.3B.
9.9%
FY2026
Return on invested capital.Return on invested capital is 9.9% in the latest fiscal year, against 11.1% in FY2024, having run between 9.9% and 11.6% across FY2024–FY2026 with no direction held. After-tax operating profit was $12.1B in FY2024 and $16.3B in FY2026, with operating income at 29.0% of revenue in FY2024, 30.8% in FY2025 and 30.6% in FY2026. The capital base behind it grew +50% across FY2024–FY2026, from $109.6B to $164.1B, while the return fell 1.2 points, so the dollars added over that window earned less than the 11.1% the older base was already earning. $40.0B of the $164.1B base at FY2026 is construction in progress (24.4%) — paid for, not yet in service, and so in the denominator of this return while it cannot be in the profit above it. FY2026's operating profit carried a $1.8B restructuring charge that alone took about 0.9 points off that year's return, so about 0.9 of the 1.2-point fall across FY2024–FY2026 is that charge landing in the latest year rather than the capital earning less.
Key fundamentals
Latest Revenue$67.36B
Revenue Growth YoY+17.3%
Revenue CAGR (2yr)+12.8%
Net Margin25.4%
Free Cash Flow-$23.69B
Return on Equity54.3%
Debt / Equity3.05x
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 Oracle Corp's actual 10-K/10-Q/8-K filings?