Forensic Analysis · General / Diversified · as of Sep 1, 2026
Phenixfin Corp (PFX)
A forensic read on Phenixfin 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
Clean
Earnings quality
3
Forensic signals
2.6%
ROE
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). 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.
Phenixfin Corp earns a D (Weak — demands caution) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-1.45×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was -1.45× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+27.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +27.6% 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. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 27% of net operating assets, against an accruals ratio of 27.6%. 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.
OCF ($67M)
FY2025
Shareholder returns.Returned $4M to shareholders (buybacks + dividends) in FY2025, while operating cash flow itself was ($67M) — zero or negative. Capex isn't disclosed for FY2025, but free cash flow can't have been positive when operating cash flow already isn't, so the entire return is coming from debt or cash reserves, not cash the business generated.
Key fundamentals
Return on Equity2.6%
Debt / Equity0.92x
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 Phenixfin Corp's actual 10-K/10-Q/8-K filings?