Forensic Analysis · Technology / Software · as of Jun 28, 2026
RideNow Group, Inc. (RDNW)
A forensic read on RideNow Group, Inc. 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
-3.1
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-129.1%
ROE
$270M
Market cap
RideNow Group, Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -3.1, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-0%Return on invested capital.Return on invested capital is -0% and rising from -23% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+46.4%/yrShare-count dilution.Diluted share count changed +139% over the last 3 years to FY2025 (+46.4%/yr). The count is GROWING — existing holders are being diluted. That's ~46.4% 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 FY2022 has been diluted ~139%.
120dInventory days.Days inventory outstanding moved from 98 to 120 FY2024→FY2025 (against cost of goods sold; inventory +7% vs -12% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
0% of revStock-based comp load.Stock-based compensation ran 0% of revenue and 20% of free cash flow in FY2025 — about $0.06 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$244MGoodwill impairments.Took $244M of goodwill writedowns across 4 year(s) (FY2022 ($219M), FY2023 ($23M), FY2025 ($800,000)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-4.8%
Free Cash Flow$10.3M
Latest Revenue$1.08B
Revenue Growth YoY-10.5%
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 RideNow Group, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RDNW'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