Forensic Analysis · Communications Equipment & Electronic Components · as of Nov 9, 2026
Vistance Networks, Inc. (VISN)
A forensic read on Vistance Networks, 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
Watch
Earnings quality
5
Forensic signals
39.7%
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 (auditor quality, say on pay, board independence, going concern). 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.
Vistance Networks, Inc. earns a C (Mixed — selective) forensic quality grade. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
0.6%
FY2025
Return on invested capital.Return on invested capital is 0.6% in the latest fiscal year and rising across FY2023–FY2025 from -7.0%. After-tax operating profit was ($521M) in FY2023 and $43M in FY2025, with operating income at -35.4% of revenue in FY2023, -21.1% in FY2024 and 2.5% in FY2025. The capital base behind it went from $7.5B in FY2023 to $7.1B in FY2025 (-5%), while the revenue it carried went from $1.9B to $1.9B. FY2023's operating profit carried a $1.2B asset write-down, a $571M goodwill write-off and a $29M restructuring charge that took about 19.5 points off that year's return, and FY2025's carried a $20M restructuring charge that took about 0.2 points off the latest; so, net of each other, the two charges add about 19.3 points to the +7.6-point change across FY2023–FY2025. FY2024's operating profit carried a $37M restructuring charge and a $19M asset write-down that alone took about 0.6 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
0.86×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.86× cumulative net income before $571.4M of non-cash goodwill impairment. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
+4.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +9% over the last 2 years to FY2025 (+4.4%/yr). The count is growing — 210.9M shares in FY2023, 230.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.4% 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 ~8%.
2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue and 17% of free cash flow in FY2025 — about $0.19 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 4.4% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$571M
FY2023
Goodwill impairments.Took $571M of goodwill writedowns across 1 year (FY2023 ($571M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$1.93B
Revenue Growth YoY+39.7%
Revenue CAGR (2yr)+1.8%
Net Margin118.2%
Free Cash Flow$252.6M
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 Vistance Networks, Inc.'s actual 10-K/10-Q/8-K filings?