Ten Holdings, Inc. (XHLD) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Professional & Commercial Services · as of Sep 25, 2026
Ten Holdings, Inc. (XHLD)
A forensic read on Ten Holdings, 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
-11.1
Distress distance
Clean
Earnings quality
4
Forensic signals
-455.9%
ROE
-9.4%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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, going concern, valuation). 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.
Ten Holdings, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -11.1, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+58.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +58.1% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 49% against +16% in cost of sales and receivables up +23% against revenue -9%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 169% of net operating assets, against an accruals ratio of 58.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
+36.3%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +36% over the last 1 year to FY2025 (+36.3%/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 ~36.3% 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 FY2024 has been diluted ~27%.
75d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 55 to 75 days FY2024→FY2025 (receivables +23% vs revenue -9%). Deferred revenue grew +193% over the same period, which accounts for part of the balance but not for a day count that widened against the same quarters a year earlier. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Dec 2025 +19, Mar 2026 +24, Jun 2026 +36 days). In the latest of them the receivable balance grew +88% against sales -34%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. There's no FY2023 figure on file for receivables, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
Key fundamentals
Latest Revenue$3.1M
Revenue Growth YoY-9.4%
Net Margin-628.5%
Return on Equity-455.9%
Debt / Equity1.07x
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 Ten Holdings, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
156% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 156% of revenue in FY2025 — about $2.14 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 36.3% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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.