Forensic Analysis · Semiconductors · as of Aug 11, 2026

Viavi Solutions Inc. (VIAV)

A forensic read on Viavi Solutions 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

-105.0

Distress distance

Clean

Earnings quality

Forensic signals

-282.1

P / E (ttm)

4.5%

ROE

$8.8B

Market cap

0.00%

Dividend yield

8.4%

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.

Viavi Solutions Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -105.0, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+96.5%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +96.5% relative to their own average in FY2025 — 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 +22% against revenue +8% and inventory up +22% against +9% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 14% of net operating assets, diverging from the balance-sheet accrual read.

4.2%

FY2025

Return on invested capital. Return on invested capital is 4.2% 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.

Key fundamentals

Latest Revenue$1.08B

Revenue Growth YoY+8.4%

Revenue CAGR (3yr)-5.7%

Net Margin3.2%

Free Cash Flow$62.0M

Return on Equity4.5%

Debt / Equity0.32x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.