Forensic Analysis · Consulting & Engineering Services · as of Nov 9, 2026
Rtb Digital, Inc. (RTB)
A forensic read on Rtb Digital, Inc. 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
Distress
Financial health
-55.1
Distress distance
Watch
Earnings quality
5
Forensic signals
-38.7%
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 (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.
Rtb Digital, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -55.1, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
37d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 22 to 37 days FY2024→FY2025 (receivables +4% vs revenue -39%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 5 → 22 → 37 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. 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.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
-175.9%
FY2025
Return on invested capital.Return on invested capital is -175.9% in the latest fiscal year and slipping across FY2023–FY2025 from -31.4%. After-tax operating profit was ($10M) in FY2023 and ($10M) in FY2025, with operating income at -18.7% of revenue in FY2023, -149.9% in FY2024 and -118.1% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2025's operating profit carried a $2M restructuring charge and a $2M asset write-down that alone took about 49.8 points off that year's return, so about 49.8 of the 144.5-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $7M goodwill write-off, a $3M asset write-down and a $2M restructuring charge that alone took about 38.0 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+13.3M to FY2025 $-6.8M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.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.
8% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 8% of revenue in FY2025 — about $1.49 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 212.4% a year across FY2024–FY2025, 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.
$7M
FY2024
Goodwill impairments.Took $7M of goodwill writedowns across 1 year (FY2024 ($7M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$11.1M
Revenue Growth YoY-38.7%
Revenue CAGR (2yr)-58.9%
Net Margin-157.5%
Free Cash Flow-$23.1M
Debt / Equity26.01x
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 Rtb Digital, Inc.'s actual 10-K/10-Q/8-K filings?