Forensic Analysis · Technology / Software · as of Aug 15, 2026
Vuzix Corp (VUZI)
A forensic read on Vuzix Corp 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
Grey Zone
Financial health
15.9
Distress distance
Clean
Earnings quality
3
Forensic signals
-8.0
P / E (ttm)
-130.8%
ROE
$258M
Market cap
0.03%
Dividend yield
9.1%
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.
Vuzix Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 15.9, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+6.8%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +22% over the last 3 years to FY2025 (+6.8%/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 ~6.8% 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 ~18%.
85% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 85% of revenue in FY2025 — about $0.07 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 7.0% a year 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.
FCF ($32M)
FY2023
Shareholder returns.Returned $470,757 to shareholders (buybacks + dividends) in FY2023, but free cash flow was ($32M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
Key fundamentals
Latest Revenue$6.3M
Revenue Growth YoY+9.1%
Net Margin-513.9%
Free Cash Flow-$20.8M
Return on Equity-130.8%
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 Vuzix Corp's actual 10-K/10-Q/8-K filings?