Forensic Analysis · Technology / Software · as of Aug 11, 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.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.3
Distress distance
Watch
Earnings quality
4
Forensic signals
0.9
P / E (ttm)
$2.6B
Market cap
0.87%
Dividend yield
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 (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.
Vistance Networks, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.3, placing it in the Grey zone. 4 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 from -8% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +11% over the last 3 years to FY2025 (+3.5%/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 ~3.5% 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 FY2022 has been diluted ~10%.
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. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 3.5% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
$2.3B
FY2019–FY2023
Goodwill impairments.Took $2.3B of goodwill writedowns across 5 years (FY2021 ($14M), FY2022 ($1.1B), 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 (3yr)-30.6%
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?