Forensic Analysis · Durable-Goods Wholesale · as of Nov 11, 2026
Accendra Health Inc/Va/ (ACH)
A forensic read on Accendra Health Inc/Va/ 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
-2.6
Distress distance
Clean
Earnings quality
3
Forensic signals
3.1%
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 (auditor quality, say on pay, board independence, going concern). 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.
Accendra Health Inc/Va/ earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -2.6, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1.0%
FY2025
Return on invested capital.Return on invested capital is 1.0% in the latest fiscal year, against 2.7% in FY2023, having run between -5.7% and 2.7% across FY2023–FY2025 with no direction held. After-tax operating profit was $87M in FY2023 and $22M in FY2025, with operating income at 5.2% of revenue in FY2023, -8.1% in FY2024 and 1.0% in FY2025. The capital base behind it came down -32% across FY2023–FY2025, from $3.2B to $2.1B, so this return is struck on a smaller base than it started on. FY2024's operating profit carried a $307M goodwill write-off that alone took about 8.1 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
FCF ($303M)
FY2025
Shareholder returns.Returned $10M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($303M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
$307M
FY2024
Goodwill impairments.Took $307M of goodwill writedowns across 1 year (FY2024 ($307M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.76B
Revenue Growth YoY+3.1%
Revenue CAGR (2yr)+4.0%
Net Margin-39.8%
Free Cash Flow-$303.1M
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 Accendra Health Inc/Va/'s actual 10-K/10-Q/8-K filings?