Forensic Analysis · Semiconductors · as of Aug 11, 2026
T1 Energy Inc. (TE)
A forensic read on T1 Energy 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
-1.3
Distress distance
Clean
Earnings quality
4
Forensic signals
-2.7
P / E (ttm)
-146.9%
ROE
$1.5B
Market cap
0.00%
Dividend yield
25572.8%
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). 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.
T1 Energy Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -1.3, 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
-24.0%
FY2025
Return on invested capital.Return on invested capital is -24.0% in the latest fiscal year and slipping from -12% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+11.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +24% over the last 2 years to FY2025 (+11.5%/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 ~11.5% 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%.
1.5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.5% of revenue and 68% of free cash flow in FY2025 — about $0.07 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 12.1% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
41d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 0 to 41 days FY2024→FY2025. Receivables grew, but deferred revenue grew +16% over the same period too — rising alongside rising unearned revenue reads as upfront billing on multi-period contracts, not slipping collections. There's no FY2023 figure on file for receivables, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
Key fundamentals
Latest Revenue$755.3M
Revenue Growth YoY+25572.8%
Net Margin-48.7%
Free Cash Flow$16.7M
Return on Equity-146.9%
Debt / Equity1.56x
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 T1 Energy Inc.'s actual 10-K/10-Q/8-K filings?