Forensic Analysis · Communication Services / Telecom · as of Jun 27, 2026
Satellogic Inc. (SATL)
A forensic read on Satellogic 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
-5.4
Altman Z-score
Watch
Earnings quality
5
Forensic signals
50.4%
ROE
$685M
Market cap
Satellogic Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -5.4, 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
176d DSOReceivables vs revenue.Days sales outstanding moved from 42 to 176 days FY2024→FY2025 (receivables +484% vs revenue +38%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-71%Return on invested capital.Return on invested capital is -71% and rising from -193% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+20.0%/yrShare-count dilution.Diluted share count changed +60% over the last 3 years to FY2025 (+20.0%/yr). The count is GROWING — existing holders are being diluted. That's ~20.0% 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 ~60%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $9M of buybacks + dividends in FY2022, but ~$0 in FY2023. A halt usually means the company is conserving cash; understand why before reading it as neutral.
24% of revStock-based comp load.Stock-based compensation ran 24% of revenue in FY2025 — about $0.03 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-27.0%
Debt / Equity1.79x
Free Cash Flow$-34.3M
Latest Revenue$17.7M
Return on Equity-7.9%
Revenue Growth YoY+37.6%
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 Satellogic Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SATL'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