Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 28, 2026
ONE STOP SYSTEMS, INC. (OSS)
A forensic read on ONE STOP SYSTEMS, 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
Safe
Financial health
11.2
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-7.0%
ROE
$402M
Market cap
ONE STOP SYSTEMS, INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 11.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
131d DSOReceivables vs revenue.Days sales outstanding moved from 62 to 131 days FY2024→FY2025 (receivables +176% vs revenue +31%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
122dInventory days.Days inventory outstanding moved from 87 to 122 FY2024→FY2025 (against cost of goods sold; inventory -5% vs -32% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-17%Return on invested capital.Return on invested capital is -17% and slipping from 2% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.9%/yrShare-count dilution.Diluted share count changed +18% over the last 3 years to FY2025 (+5.9%/yr). The count is GROWING — existing holders are being diluted. That's ~5.9% 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 ~18%.
$7MGoodwill impairments.Took $7M of goodwill writedowns across 2 year(s) (FY2019 ($2M), FY2023 ($6M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin15.8%
Debt / Equity0.07x
Free Cash Flow-222694.00
Latest Revenue$32.2M
Return on Equity11.1%
Revenue Growth YoY+31.2%
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 ONE STOP SYSTEMS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about OSS'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