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Forensic Analysis · Software & SaaS · as of Nov 9, 2026

Pdf Solutions Inc (PDFS)

A forensic read on Pdf Solutions Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Safe
Financial health
2.7
Distress distance
Clean
Earnings quality
2
Forensic signals
-0.2%
ROE
22.0%
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.

Pdf Solutions Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.7, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

1.6%
FY2025
Return on invested capital. Return on invested capital is 1.6% in the latest fiscal year and rising across FY2023–FY2025 from -0.1%. After-tax operating profit was ($98,150) in FY2023 and $4M in FY2025, with operating income at -0.1% of revenue in FY2023, 0.5% in FY2024 and 2.7% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
FCF ($9M)
FY2025
Shareholder returns. Returned $244,000 to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($9M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $24M — 1% of that. Capex and the payout together ran $9M 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. The balance sheet covered it: cash and short-term investments fell $73M and total debt rose $67M over FY2025.

Key fundamentals

Latest Revenue$219.0M
Revenue Growth YoY+22.0%
Revenue CAGR (2yr)+14.9%
Net Margin-0.3%
Free Cash Flow-$8.6M
Return on Equity-0.2%
Debt / Equity0.25x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.