Forensic Analysis · Software & SaaS · as of Nov 11, 2026
Snail, Inc. (SNAL)
A forensic read on Snail, Inc. 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
-6.4
Distress distance
Clean
Earnings quality
3
Forensic signals
-3.8%
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 (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.
Snail, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -6.4, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-115.2%
FY2025
Return on invested capital.Return on invested capital is -115.2% in the latest fiscal year, against -113.6% in FY2023, having run between -115.2% and 20.2% across FY2023–FY2025 with no direction held. After-tax operating profit was ($8M) in FY2023 and ($14M) in FY2025, with operating income at -16.9% of revenue in FY2023, 4.6% in FY2024 and -21.3% in FY2025. The capital base behind it grew +65% across FY2023–FY2025, from $7M to $12M, while the return fell 1.6 points, so the dollars added over that window earned less than the -113.6% the older base was already earning.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+5.3M to FY2025 $-24.8M) — 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.
55% of OCF
FY2023
Shareholder returns.Returned $257,093 to shareholders (buybacks + dividends) in FY2023 — 55% of operating cash flow. Capex isn't disclosed for FY2023, so this is the ceiling on coverage, not the free-cash-flow payout — actual free-cash coverage is tighter than this reads.
Key fundamentals
Latest Revenue$81.2M
Revenue Growth YoY-3.8%
Revenue CAGR (2yr)+15.5%
Net Margin-33.5%
Free Cash Flow-$1.2M
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 Snail, Inc.'s actual 10-K/10-Q/8-K filings?