Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 24, 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.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
7.5
Distress distance
Watch
Earnings quality
6
Forensic signals
-7.4
P / E (ttm)
-21.4%
ROE
$2.8B
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, 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.
Redwire Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 7.5, 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 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 inventory up +2394% against +23% in cost of sales and receivables up +70% against revenue +10%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 8% of net operating assets, against an accruals ratio of 186.3%. 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.
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, against -9% in FY2023, having run between -30.1% and -9.4% across FY2023–FY2025 with no direction held. The capital base behind it grew +824% across FY2023–FY2025, from $130M to $1.2B, while the return fell 5.6 points, so the dollars added over that window earned less than the -9% the older base was already earning.
41d DSO
FY2024→FY2025
Receivables vs revenue.
Key fundamentals
Latest Revenue$335.4M
Revenue Growth YoY+10.3%
Revenue CAGR (2yr)+17.3%
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?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
Days sales outstanding moved from 26 to 41 days FY2024→FY2025 (receivables +70% vs revenue +10%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 49 → 26 → 41 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 (-11%) 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 — 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.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +85% over the last 2 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 +36.0%/yr figure isn't a real buyback/dilution read here.
18% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 18% of revenue in FY2025 — about $0.49 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 2.3% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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.