Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Redwire Corp (RDW)
A forensic read on Redwire Corp 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
Safe
Financial health
9.0
Distress distance
Watch
Earnings quality
6
Forensic signals
-9.3
P / E (ttm)
-21.4%
ROE
$3.3B
Market cap
0.00%
Dividend yield
10.3%
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.
Redwire Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 9.0, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+186.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +186.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by inventory up +2394% against +23% in cost of sales and receivables up +70% against revenue +10%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 8% of net operating assets, diverging from the balance-sheet accrual read.
33d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 3 to 33 FY2024→FY2025 (against cost of goods sold; inventory +2394% vs +23% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-15.1%
FY2025
Return on invested capital.Return on invested capital is -15.1% in the latest fiscal year and rising from -84% — well below its ~9% 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 +89% over the last 3 years to FY2025, but that includes a large one-time change around FY2025 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 +23.6%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$335.4M
Revenue Growth YoY+10.3%
Revenue CAGR (3yr)+27.8%
Net Margin-67.6%
Free Cash Flow-$190.8M
Return on Equity-21.4%
Debt / Equity0.08x
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 Redwire Corp's actual 10-K/10-Q/8-K filings?
Stock-based comp load.Stock-based compensation ran 18% of revenue in FY2025 — about $0.49 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 15.0% a year and is falling.
$71M
FY2022–FY2025
Goodwill impairments.Took $71M of goodwill writedowns across 2 years (FY2022 ($50M), FY2025 ($21M)). Writedowns mean past acquisitions underperformed what was paid for them.