Forensic Analysis · Technology / Software · as of Aug 13, 2026

Space Exploration Technologies Corp (SPCX)

A forensic read on Space Exploration Technologies Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

Clean

Earnings quality

Forensic signals

-90.9

P / E (ttm)

$1.9T

Market cap

0.00%

Dividend yield

91.9%

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). 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.

What the filings flag

+59.7%

FY2025→FY2026

Accruals ratio (% of NOA). Net operating assets grew +59.7% relative to their own average in FY2026 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +128% on the year and PP&E up +54% on the year.

Key fundamentals

Debt / Equity0.31x

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Data from SEC EDGAR public filings · metrics as of Aug 13, 2026. Forensic signals flag probability, not certainty.