Forensic Analysis · Professional & Commercial Services · as of Jul 30, 2026
Psq Holdings, Inc. (PSQH)
A forensic read on Psq Holdings, 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
Distress
Financial health
-10.1
Altman Z-score
Watch
Earnings quality
4
Forensic signals
-272.5%
ROE
81.1%
Revenue growth
Financial health / Altman Z-score above is based on book value, not market value — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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.
Psq Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -10.1, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
19d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 8 to 19 days FY2024→FY2025 (receivables +522% vs revenue +81%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-86.0%
FY2025
Return on invested capital.Return on invested capital is -86.0% in the latest fiscal year and rising from -467% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +296% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +58.2%/yr figure isn't a real buyback/dilution read here.
59% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 59% of revenue in FY2025 — about $0.24 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Latest Revenue$18.2M
Revenue Growth YoY+81.1%
Revenue CAGR (3yr)+237.1%
Net Margin-200.9%
Return on Equity-272.5%
Debt / Equity0.63x
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 Psq Holdings, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PSQH'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