Forensic Analysis · Professional & Commercial Services · as of Aug 18, 2026
Rcm Technologies, Inc. (RCMT)
A forensic read on Rcm Technologies, 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
7.2
Distress distance
Clean
Earnings quality
3
Forensic signals
12.6
P / E (ttm)
35.5%
ROE
$287M
Market cap
14.7%
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). 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.
Rcm Technologies, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 7.2, 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
+39.8%
FY2024→FY2026
Accruals ratio (% of NOA).Net operating assets grew +39.8% relative to their own average in FY2026 — 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 payables paid down 28% against +17% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 7% of net operating assets, against an accruals ratio of 39.8%. 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. Read them as two results, not one.
0.81×
FY2023, FY2024, and FY2026
Cash conversion.Over FY2023, FY2024, and FY2026, cumulative operating cash flow was 0.81× 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.
-51%
FY2014→FY2015
Dividend — cut.The payout was CUT ~51% in FY2015 (from FY2014) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$319.4M
Revenue Growth YoY+14.7%
Revenue CAGR (3yr)+10.1%
Net Margin5.1%
Free Cash Flow$17.4M
Return on Equity35.5%
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 Rcm Technologies, Inc.'s actual 10-K/10-Q/8-K filings?