Forensic Analysis · Consulting & Engineering Services · as of Nov 8, 2026
Rmr Group Inc. (RMR)
A forensic read on Rmr Group 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
3.9
Distress distance
Clean
Earnings quality
2
Forensic signals
7.6%
ROE
-22.0%
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 (auditor quality, say on pay, board independence, going concern). 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.
Rmr Group Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+15.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +15.7% 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 faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $5.8M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by PP&E up +199% against revenue -22%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 16% of net operating assets, against an accruals ratio of 15.7%. 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
7.2%
FY2025
Return on invested capital.Return on invested capital is 7.2% in the latest fiscal year and slipping across FY2023–FY2025 from 46.5%. After-tax operating profit was $97M in FY2023 and $35M in FY2025, with operating income at 11.8% of revenue in FY2023, 5.0% in FY2024 and 6.0% in FY2025. The capital base behind it grew +131% across FY2023–FY2025, from $209M to $482M, while the return fell 39.3 points, so the dollars added over that window earned less than the 46.5% the older base was already earning.
Key fundamentals
Latest Revenue$700.3M
Revenue Growth YoY-22.0%
Revenue CAGR (2yr)-14.7%
Net Margin2.5%
Free Cash Flow$72.1M
Return on Equity7.6%
Debt / Equity0.20x
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 Rmr Group Inc.'s actual 10-K/10-Q/8-K filings?