Forensic Analysis · Durable Goods, Textiles & Apparel · as of Aug 7, 2026
Xmax Inc. (XMAX)
A forensic read on Xmax 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
Safe
Financial health
9.1
Distress distance
Watch
Earnings quality
6
Forensic signals
-12.2%
ROE
$594M
Market cap
72.6%
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.
Xmax Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 9.1, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+151.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +151.1% 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 receivables up +6623% against revenue +73% and payables paid down 55% against +131% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 25% of net operating assets, diverging from the balance-sheet accrual read.
-5.8%
FY2025
Return on invested capital.Return on invested capital is -5.8% in the latest fiscal year and rising from -150% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
20% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 20% of revenue in FY2025 — about $0.16 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 4.2% 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
FY2019→FY2020
Shareholder returns — halted.Capital returns have STOPPED — $616,193 of buybacks + dividends in FY2019, but ~$0 in FY2020. A halt usually means the company is conserving cash.
27d DSO
Key fundamentals
Latest Revenue$16.7M
Revenue Growth YoY+72.6%
Revenue CAGR (3yr)+9.5%
Net Margin-20.4%
Return on Equity-12.2%
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 Xmax Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 7, 2026. Forensic signals flag probability, not certainty.
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 2 to 27 days FY2024→FY2025 (receivables +6623% vs revenue +73%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 9 → 6 → 6 → 2 → 27 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-86%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. 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 (Sep 2025 +70, Dec 2025 +125, Mar 2026 +122 days). In the latest of them the receivable balance grew +3693% against sales -32%, 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.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +1392% over the last 3 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +146.2%/yr figure isn't a real buyback/dilution read here.
Xmax Inc. (XMAX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy