Forensic Analysis · Advertising Agencies · as of Nov 8, 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
Distress distance
Watch
Earnings quality
4
Forensic signals
-181.8%
ROE
81.1%
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.
Psq Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -10.1, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-84.3%
FY2025
Return on invested capital.Return on invested capital is -84.3% in the latest fiscal year and rising across FY2023–FY2025 from -648.3%. After-tax operating profit was ($31M) in FY2023 and ($25M) in FY2025, with operating income at -692.0% of revenue in FY2023, -414.5% in FY2024 and -175.4% in FY2025. The capital base behind it grew +525% across FY2023–FY2025, from $5M to $30M, and the return did not fall doing it, so the dollars added over that window earned at least the -648.3% the older base was already earning.
+44.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +107% over the last 2 years to FY2025 (+44.0%/yr). The count is growing — 22.0M shares in FY2023, 45.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~44.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~52%.
33d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 10 to 33 days FY2024→FY2025 (receivables +522% vs revenue +81%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 13 → 10 → 33 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
59% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 59% of revenue in FY2025 — about $0.24 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 44.0% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$18.2M
Revenue Growth YoY+81.1%
Revenue CAGR (2yr)+79.0%
Net Margin-200.9%
Return on Equity-181.8%
Debt / Equity0.63x
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 Psq Holdings, Inc.'s actual 10-K/10-Q/8-K filings?