Forensic Analysis · Semiconductors · as of Aug 11, 2026
Wolfspeed, Inc. (WOLF)
A forensic read on Wolfspeed, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-7.2
Distress distance
Clean
Earnings quality
6
Forensic signals
-1.1
P / E (ttm)
$1.6B
Market cap
0.00%
Dividend yield
-6.1%
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.
Wolfspeed, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -7.2, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+94.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +94.1% 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 payables paid down 42% against +20% in cost of sales and receivables up +21% against revenue -6%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 8% of net operating assets, diverging from the balance-sheet accrual read.
79d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 68 to 79 days FY2024→FY2025 (receivables +21% vs revenue -6%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2021–FY2025 the day count ran 58 → 79 → 73 → 68 → 79 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (-25%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
-18.0%
FY2025
Return on invested capital.Return on invested capital is -18.0% in the latest fiscal year and slipping from -5% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.6%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +18% over the last 3 years to FY2025 (+5.6%/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 ~5.6% 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 ~15%.
Key fundamentals
Latest Revenue$757.6M
Revenue Growth YoY-6.1%
Revenue CAGR (3yr)+9.8%
Net Margin-212.4%
Free Cash Flow-$1.98B
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 Wolfspeed, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
10% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 10% of revenue in FY2025 — about $0.52 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 5.7% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
stopped
FY2017→FY2019
Shareholder returns — halted.Capital returns have STOPPED — $104M of buybacks + dividends in FY2017, but ~$0 in FY2019. A halt usually means the company is conserving cash.
Wolfspeed, Inc. (WOLF) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy