FPS · Technology(electrical industrial apparatus) · 6 years of annual accounts filed with the SEC · latest fiscal year ended 2026-06-30
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Forgent Power Solutions, Inc. reported revenue of $1.4 billion in fiscal 2026. Of the $154.1 million its operations generated over 6 years, 129.8% went back into the business. On the accounting screens, it passes 6 of 8 Piotroski tests, its Altman Z'' of 1.89 is in the grey zone and its Beneish M-score is above the -1.78 line; 2 of the six cross-checks between its statements fire.
Revenue, fiscal 20261.4B
Operating margin12.9%gross margin 35.0%
Return on invested capital13.2%13.2% on average over 1 years
Free cash flow after stock pay-16.9M-1.2% of revenue
Net debt ÷ EBITDA1.9×net debt 484.7M
Piotroski F-score6/8tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0500.0M1.0B1.5B
2023
2023
2023
2024
2025Revenue 753.2MOperating income 72.2M
2026Revenue 1.4BOperating income 182.5M
202320232023202420252026
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
14.5%
Return on assets
3.7%
Asset turnover
0.64×
Overheads (SG&A)
18.5% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-50.0M050.0M100.0M
2023
2023
2023
2024
2025Net income 15.2MFree cash flow -39.1MAfter stock-based pay -40.9M
2026Net income 81.8MFree cash flow -6.8MAfter stock-based pay -16.9M
202320232023202420252026
Where 6 years of operating cash went, 2023–2026
154.1M generated by the business. Each band is its share of that total.
Reinvested in the business 130%200.0M
Acquisitions 0%0
Dividends 0%0
Share buybacks 0%0
More than it generated: funded with cash or new debt -30%-45.9M
Over the same years it paid 11.8M in stock.
Per share
Shares outstanding
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
0200.0M400.0M600.0M
2023
2023
2023
2024
2025Net debt 390.8M
2026Net debt 484.7M
202320232023202420252026
Net debt ÷ EBITDA
1.9×
Interest coverage
3× operating income ÷ interest
Current ratio
1.54 current assets ÷ current liabilities
Cash conversion cycle
132 days collects in 85d, stock 99d, pays in 52d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
6of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✕More liquidCurrent ratio higher than a year beforefailed
–No new sharesShare count did not grow — not reportedno data
✕Better gross marginGross margin higher than a year beforefailed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
1.89grey zone
1.12.6
Working capital ÷ assets 0.13 × 6.56+0.84
Retained earnings ÷ assets 0.04 × 3.26+0.12
Operating income ÷ assets 0.08 × 6.72+0.55
Equity ÷ liabilities 0.36 × 1.05+0.38
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-1.62above the -1.78 line
-1.78
Receivables vs sales 1.09+1.01
Gross margin slipping 1.05+0.56
Soft assets 0.85+0.34
Sales growth 1.89+1.68
Slower depreciation 1.52+0.18
Overheads vs sales 0.95-0.16
Profit not in cash -0.01-0.06
Leverage rising 0.98-0.32
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Receivables are growing 106% against revenue growing 89%.
Benign
A shift towards larger customers on longer terms, or sales concentrated at the end of the period.
Worrying
Sales are being made on looser credit, or revenue has been booked that may never be collected.
Inventory is growing 112% against revenue growing 89%.
Benign
Stocking up for a launch, or securing supply.
Worrying
Demand is softening; discounts or write-downs tend to follow.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 17 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
