Forensic Analysis · Industrials / Manufacturing / Defense · as of Oct 11, 2026
Solarmax Technology, Inc. (SMXT)
A forensic read on Solarmax Technology, 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
-6.0
Distress distance
Clean
Earnings quality
4
Forensic signals
295.8%
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.
Solarmax Technology, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -6.0, 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
-63.7%
FY2025
Return on invested capital.Return on invested capital is -63.7% in the latest fiscal year, against 1.9% in FY2023, having run between -123.9% and 1.9% across FY2023–FY2025 with no direction held. After-tax operating profit was $435,466 in FY2023 and ($5M) in FY2025, with operating income at 0.9% of revenue in FY2023, -144.0% in FY2024 and -6.9% in FY2025. The capital base behind it came down -67% across FY2023–FY2025, from $23M to $8M, so this return is struck on a smaller base than it started on. FY2024's operating profit carried a $7M asset write-down and a $7M goodwill write-off that alone took about 55.9 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.
+11.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +25% over the last 2 years to FY2025 (+11.7%/yr). The count is growing — 40.0M shares in FY2023, 50.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~11.7% 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 ~20%.
0.6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.6% of revenue in FY2025 — about $0.01 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 11.7% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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$91.0M
Revenue Growth YoY+295.8%
Revenue CAGR (2yr)+29.6%
Net Margin-7.0%
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 Solarmax Technology, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Oct 11, 2026. Forensic signals flag probability, not certainty.
Solarmax Technology, Inc. (SMXT) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
$7M
FY2024–FY2024
Goodwill impairments.Took $7M of goodwill writedowns across 1 year (FY2024 ($7M)). Writedowns mean past acquisitions underperformed what was paid for them.