Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| BigBear.ai Holdings, Inc.BBAI-WT · business equipment | |
|---|---|
| Grade |  Eweakest fifth of 497 graded peers; percentile 88.6, sampling error 2.2 points; lower is stronger |
| Rank | 440 of 497 |
| Profitability | C/Dpercentile 61.4 |
| Solvency | C/Dpercentile 59.7 |
| Growth and financing | D/Epercentile 82.0 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $894.5M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | late filernot computable: dilution, distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 2, 2026221 days before the rescan; every figure keyed to the SEC receipt date |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No price series supplied for this render. | ||||||||||||||||||||
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 2, 2026; the document on sec.gov.
BigBear.ai Holdings, Inc.’s (“BigBear.ai” or the “Company”) is a specialized provider of mission-ready artificial intelligence (“AI”) technology, founded originally to serve defense and national security mission customers. Our objective is to deliver enduring strategic advantage for the U.S., its allies, and select commercial partners. We unite cutting-edge technology capabilities - from artificial intelligence to computer vision, predictive analytics and biometrics. National security, travel and trade are our core industries. Each area is highly specialized and requires deep domain expertise. They are also interdependent.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 61.4 | |||||||
| Gross profitability | 3.2% | [1,3] | 28.5% | 89.0 | 558 | 2025-12-31 | |
| Return on invested capital | (55.8%) | [4-12] | 10.9% | 96.7 | 136 | 2025-12-31 | |
| Accruals ratio | (40.7%) | [1,13-15] | (7.4%) | 8.8 | 621 | 2025-12-31 | |
| Gross margin stability, five years | 2.4 pts | [2-3,16-23] | 2.4 pts | 51.3 | 429 | 2025-12-31 | |
| Solvency, sleeve percentile 59.7 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
| Altman Z double-prime | (1.42) | [1,4,8,24-27] | 2.18 | 64.7 | 566 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.11x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | 3.77x | |||||
| latest aligned inputs end 2022-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.78x | [24-25] | 2.02x | 54.7 | 666 | 2025-12-31 | |
| Growth and financing, sleeve percentile 82.0 | |||||||
| Revenue growth, three-year compound | (6.3%) | [2,17,19,21] | 6.4% | 82.0 | 538 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 17.2% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 14.3% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | not computable | 5.0% | |||||
| four consecutive annual observations are required | |||||||
| Net share issuance, one year | not computable | 0.5% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.340; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 436 | AXT Inc. (AXTI) AXT Inc. (AXTI) Eweakest fifth; percentile 87.7 Nasdaq · Semiconductors & Related Devices market equity $4.7B; last close $71.59 No active warnings; 9 of 14 inputs | 87.7 | E | |
| 437 | Birchtech Corp. (BCHT) Birchtech Corp. (BCHT) Eweakest fifth; percentile 87.9 NYSE · Measuring & Controlling Devices, NEC market equity $37.9M; last close $1.48 No active warnings; 7 of 14 inputs | 87.9 | E | |
| 438 | SemiLEDs Corp. (LEDS) SemiLEDs Corp. (LEDS) Eweakest fifth; percentile 88.1 Nasdaq · Semiconductors & Related Devices market equity $18.9M; last close $2.34 Warnings: fortress balance sheet; 8 of 14 inputs | 88.1 | E | fortress balance sheet |
| 439 | Fortive Corp. (FTV) Fortive Corp. (FTV) Eweakest fifth; percentile 88.3 NYSE · Industrial Instruments For Measurement, Display, and Control market equity $17.2B; last close $56.43 No active warnings; 12 of 14 inputs | 88.3 | E | |
| 440 | BigBear.ai Holdings, Inc. (BBAI) BigBear.ai Holdings, Inc. (BBAI) Eweakest fifth; percentile 88.6 NYSE · Services-Prepackaged Software last close $2.41 Warnings: late filer; 7 of 14 inputs | 88.6 | E | late filer |
| 441 | BigBear.ai Holdings, Inc. (BBAI-WT) BigBear.ai Holdings, Inc. (BBAI-WT) Eweakest fifth; percentile 88.6 NYSE · Services-Prepackaged Software Warnings: late filer; 7 of 14 inputs | 88.6 | E | late filer |
| 442 | Smartbird, Inc. (BIRD) Smartbird, Inc. (BIRD) Eweakest fifth; percentile 88.9 Nasdaq · Services-Computer Processing & Data Preparation last close $2.88 Warnings: late filer, fortress balance sheet; 7 of 14 inputs | 88.9 | E | late filer, fortress balance sheet |
| 443 | Sypris Solutions Inc. (SYPR) Sypris Solutions Inc. (SYPR) Eweakest fifth; percentile 89.1 Nasdaq · Industrial Instruments For Measurement, Display, and Control market equity $43.5M; last close $1.89 Warnings: fortress balance sheet; 8 of 14 inputs | 89.1 | E | fortress balance sheet |
| 444 | Super League Enterprise, Inc. (SLE) Super League Enterprise, Inc. (SLE) Eweakest fifth; percentile 89.3 Nasdaq · Services-Computer Integrated Systems Design market equity $8.1M; last close $4.75 Warnings: short runway, distress; 7 of 14 inputs | 89.3 | E | short runway, distress |
| 445 | Motorsport Games Inc. (MSGM) Motorsport Games Inc. (MSGM) Eweakest fifth; percentile 89.5 Nasdaq · Services-Prepackaged Software last close $5.29 No active warnings; 7 of 14 inputs | 89.5 | E | |
| 446 | 8X8 Inc. (EGHT) 8X8 Inc. (EGHT) Eweakest fifth; percentile 89.7 Nasdaq · Services-Computer Processing & Data Preparation market equity $312.0M; last close $2.15 No active warnings; 11 of 14 inputs | 89.7 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 88.2 | 2204 |
| sector peers, equal sleeves (the grade) | E | 88.6 | 497 |
| same exchange, equal sleeves | E | 91.6 | 984 |
| sector peers, equal inputs | E | 86.2 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-09 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | not computable | 2.2% | missing required 12-1 monthly returns: 2026-08, 2026-07, 2026-06, 2026-05, 2026-04, 2026-03, 2026-02, 2026-01, 2025-12, 2025-11, 2025-10 | |
| Distance from 52-week high | not computable | (30.0%) | need at least 20 price observations; found 0 | |
| EBIT to enterprise value | not computable | 1.5% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 2.7% | required accounting or market input is missing | |
| Book value to price | not computable | 0.23 | required accounting or market input is missing | |
| Sales to price | not computable | 0.30 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | 3.9% | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | not computable | (0.26) | missing required 12-1 monthly returns: 2026-08, 2026-07, 2026-06, 2026-05, 2026-04, 2026-03, 2026-02, 2026-01, 2025-12, 2025-11, 2025-10 |
Inputs: EBIT -$213.9M; free cash flow -$42.5M; book equity $770.3M; sales $127.7M; debt $16.6M; cash $36.3M[28].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (85.5%) | ✗ fail[13,15] |
| Operating cash flow above zero | -$42.0M | ✗ fail[14] |
| Return on assets improved | n/a[13,15,29] | |
| Operating cash flow exceeds net income | $252.0M | ✓ pass[13-14] |
| Long-term leverage fell | n/a[1,15,30-31] | |
| Current ratio improved | 132.0 pts | ✓ pass[24-25,32-33] |
| No new shares issued | n/a | |
| Gross margin improved | (6.3 pts) | ✗ fail[2-3,16-17] |
| Asset turnover improved | n/a[2,15,17] | |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $894.5M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $127.7M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $28.5M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 4 | operating income | us-gaap:OperatingIncomeLoss | -$213.9M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 5 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | -$315.6M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 6 | income tax | us-gaap:IncomeTaxExpenseBenefit | -$21.7M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 7 | total debt | us-gaap:LongTermDebt | $107.0M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 8 | book equity | us-gaap:StockholdersEquity | $611.9M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 9 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $87.1M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebt | $136.2M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | -$3.7M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $50.1M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:NetIncomeLoss | -$293.9M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$42.0M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $343.8M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 16 | gross profit | us-gaap:GrossProfit | $45.2M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $158.2M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 18 | gross profit | us-gaap:GrossProfit | $40.6M | 2023-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $155.2M | 2023-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 20 | gross profit | us-gaap:GrossProfit | $43.0M | 2022-12-31 | 2025-03-25 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $155.0M | 2022-12-31 | 2025-03-25 | 10-K | filing · viewer · series |
| 22 | gross profit | us-gaap:GrossProfit | $34.1M | 2021-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 23 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $145.6M | 2021-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $330.5M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $185.5M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 26 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$865.6M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 27 | liabilities | us-gaap:Liabilities | $282.7M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 479,494,493 | 2026-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
| 29 | net income | us-gaap:NetIncomeLoss | -$295.5M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 30 | long term debt | us-gaap:LongTermDebtNoncurrent | $90.5M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 31 | long term debt | us-gaap:LongTermDebtNoncurrent | $135.4M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 32 | current assets | us-gaap:AssetsCurrent | $93.8M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 33 | current liabilities | us-gaap:LiabilitiesCurrent | $203.0M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 34 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $36.3M | 2026-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$40.2M | 2026-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$18.0M | 2026-03-31 | 2026-05-05 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$20.1M | 2025-09-30 | 2025-11-10 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$10.5M | 2025-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 88.6 is 8.6 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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