Forensic Analysis · Professional & Commercial Services · as of Aug 10, 2026
Tss, Inc. (TSSI)
A forensic read on Tss, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.2
Distress distance
Clean
Earnings quality
4
Forensic signals
21.9
P / E (ttm)
19.7%
ROE
$323M
Market cap
65.9%
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.
Tss, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+10.7%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +36% over the last 3 years to FY2025 (+10.7%/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 ~10.7% 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 FY2022 has been diluted ~26%.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-7.9M to FY2025 $+9.1M) — 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.
1.6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.6% of revenue and 187% of free cash flow in FY2025 — about $0.15 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 10.7% a year and is falling.
231% of FCF
FY2025
Shareholder returns.Returned $5M to shareholders (buybacks + dividends) in FY2025 — 231% of free cash flow, but 14% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $4M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 418%.
Key fundamentals
Latest Revenue$245.7M
Revenue Growth YoY+65.9%
Revenue CAGR (3yr)+100.1%
Net Margin6.2%
Free Cash Flow$2.1M
Return on Equity19.7%
Debt / Equity0.24x
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 Tss, Inc.'s actual 10-K/10-Q/8-K filings?