Forensic Analysis · Technology / Software · as of Sep 28, 2026
Quantum Corp /De/ (QMCO)
A forensic read on Quantum Corp /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-23.2
Distress distance
Clean
Earnings quality
4
Forensic signals
-2.4
P / E (ttm)
$1.2B
Market cap
0.00%
Dividend yield
2.0%
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.
Quantum Corp /De/ earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -23.2, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+63.3%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +167% over the last 2 years to FY2026 (+63.3%/yr). The count is growing — 4.8M shares in FY2024, 12.7M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~63.3% 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 FY2024 has been diluted ~62%.
-0.3% of rev
FY2026
Stock-based comp load.Stock-based compensation ran -0.3% of revenue in FY2026 — about $-0.07 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 63.3% a year across FY2024–FY2026 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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.
91d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 70 to 91 days FY2025→FY2026 (receivables +33% vs revenue +2%). Receivables are creeping up relative to sales. Across FY2024–FY2026 the day count ran 72 → 70 → 91 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. Deferred revenue was roughly flat (+1%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. 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 — FY2025's opening balance is on file, but across the 3 fiscal years read here (FY2024–FY2026) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Latest Revenue$279.6M
Revenue Growth YoY+2.0%
Revenue CAGR (2yr)-5.3%
Net Margin-36.1%
Free Cash Flow-$39.6M
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 Quantum Corp /De/'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 28, 2026. Forensic signals flag probability, not certainty.
40d
FY2025→FY2026
Inventory days.Days inventory outstanding moved from 33 to 40 FY2025→FY2026 (against cost of goods sold; inventory -28% vs +7% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.