Forensic Analysis · Industrials / Manufacturing / Defense · as of Oct 14, 2026
Shimmick Corp (SHIM)
A forensic read on Shimmick 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
Distress
Financial health
-3.0
Distress distance
Clean
Earnings quality
4
Forensic signals
2.6%
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). 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.
Shimmick Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -3.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-224.7%
FY2025
Return on invested capital.Return on invested capital is -224.7% in the latest fiscal year.
+24.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +56% over the last 2 years to FY2025 (+24.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~24.7% 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 FY2023 has been diluted ~36%.
-$174.5M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $152.9M against operating cash flow of -$174.5M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue in FY2025. 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 24.7% a year across FY2023–FY2025, and the rate is falling. 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.
Key fundamentals
Latest Revenue$492.8M
Revenue Growth YoY+2.6%
Revenue CAGR (2yr)-11.7%
Net Margin-5.2%
Free Cash Flow-$71.5M
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 Shimmick Corp's actual 10-K/10-Q/8-K filings?