Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 10, 2026
Sunation Energy, Inc. (SUNE)
A forensic read on Sunation Energy, 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
-2.6
Distress distance
Clean
Earnings quality
5
Forensic signals
-44.7%
ROE
26.5%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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, valuation). 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.
Sunation Energy, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -2.6, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+102.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +102.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 75% of net operating assets, against an accruals ratio of 102.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
-5.2%
FY2025
Return on invested capital.Return on invested capital is -5.2% in the latest fiscal year and rising from -18% — well below its ~9% cost of capital, and it has been across FY2022–FY2025, so reinvested dollars have not been earning their keep.
FCF ($6M)
FY2024
Shareholder returns.Returned $6,098 to shareholders (buybacks + dividends) in FY2024, but free cash flow was ($6M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -63% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -28.3%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$71.9M
Revenue Growth YoY+26.5%
Revenue CAGR (3yr)+37.7%
Net Margin-15.1%
Free Cash Flow$906,384.00
Return on Equity-44.7%
Debt / Equity0.27x
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 Sunation Energy, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 10, 2026. Forensic signals flag probability, not certainty.
$10M
FY2022–FY2024
Goodwill impairments.Took $10M of goodwill writedowns across 2 years (FY2022 ($7M), FY2024 ($3M)). Writedowns mean past acquisitions underperformed what was paid for them.
Sunation Energy, Inc. (SUNE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy