Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 2026
Power Solutions International, Inc. (PSIX)
A forensic read on Power Solutions International, 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
9.6
Distress distance
Watch
Earnings quality
3
Forensic signals
15.6
P / E (ttm)
63.8%
ROE
$1.1B
Market cap
51.8%
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.
Power Solutions International, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.6, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+172.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +172.6% 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. The build is led by inventory up +36% against +60% in cost of sales and receivables up +31% against revenue +52%. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 122% of net operating assets, against an accruals ratio of 172.6%. 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.
0.75×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.75× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+0.2%/yr
FY2023–FY2025
Share count.Diluted share count changed 0% over the last 2 years to FY2025 (+0.2%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$722.4M
Revenue Growth YoY+51.8%
Revenue CAGR (2yr)+25.4%
Net Margin15.8%
Free Cash Flow$14.1M
Return on Equity63.8%
Debt / Equity0.54x
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 Power Solutions International, Inc.'s actual 10-K/10-Q/8-K filings?