Forensic Analysis · Technology / Software · as of Sep 25, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
13.4
Distress distance
Clean
Earnings quality
4
Forensic signals
181.4
P / E (ttm)
-0.2%
ROE
$2.0B
Market cap
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 13.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+62.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +62.2% relative to their own average in FY2025 — 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 +68% against revenue +22% and receivables up +13% against revenue +22%. 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 62.2%. 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.
1.2%
FY2025
Return on invested capital.Return on invested capital is 1.2% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.3-point range. 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. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
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
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 Pdf Solutions Inc's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Pdf Solutions Inc (PDFS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
+0.5%/yr
FY2023–FY2025
Share count.Diluted share count changed +1% over the last 2 years to FY2025 (+0.5%/yr). Roughly flat — buybacks ($244,000) are about offsetting stock comp ($26M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.