Forensic Analysis · General / Diversified · as of Jun 27, 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.

D · Weak — demands caution

Forensic grade

Distress

Financial health

0.3

Altman Z-score

Watch

Earnings quality

Forensic signals

-13.1%

ROE

$559M

Market cap

XMax Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 0.3, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.

What the filings flag

+151.1%Accruals ratio. Net operating assets grew +151.1% relative to their average in FY2025 — the accrual component of earnings. 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 cash-flow cross-check agrees: reported earnings ran behind operating cash by -25% of net operating assets.

53d DSOReceivables vs revenue. Days sales outstanding moved from 1 to 53 days FY2024→FY2025 (receivables +6623% vs revenue +73%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.

-6%Return on invested capital. Return on invested capital is -6% and rising from -150% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

+464.2%/yrShare-count dilution. Diluted share count changed +1392% over the last 3 years to FY2025 (+464.2%/yr). A reversal: the count shrank earlier (net -3.2%/yr since FY2017) but the company has SWUNG to issuing stock — recent holders are now being diluted, not rewarded. That's ~464.2% 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 ~1392%.

stoppedShareholder 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; understand why before reading it as neutral.

20% of revStock-based comp load.

Key fundamentals

Net Margin-20.4%

Free Cash Flow-459959.00

Latest Revenue$16.7M

Return on Equity-12.2%

Revenue Growth YoY+72.6%

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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.