Forensic Analysis · Automotive / Vehicle Manufacturing · as of Aug 11, 2026
Aeva Technologies, Inc. (AEVA)
A forensic read on Aeva Technologies, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-3.6
Distress distance
Clean
Earnings quality
5
Forensic signals
-133.1
P / E (ttm)
-1100.5%
ROE
$1.7B
Market cap
0.00%
Dividend yield
99.4%
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.
Aeva Technologies, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads -3.6, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
79d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 67 to 79 FY2024→FY2025 (against cost of goods sold; inventory +147% vs +46% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
+9.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +31% over the last 3 years to FY2025 (+9.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2022, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~9.5% 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 ~24%.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+70.5M to FY2025 $-59.1M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
46d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 37 to 46 days FY2024→FY2025 (receivables +183% vs revenue +99%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 49 → 228 → 149 → 37 → 46 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.
Key fundamentals
Latest Revenue$18.1M
Revenue Growth YoY+99.4%
Revenue CAGR (3yr)+62.8%
Net Margin-804.4%
Free Cash Flow-$119.7M
Return on Equity-1100.5%
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 Aeva Technologies, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
121% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 121% of revenue in FY2025 — about $0.38 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 9.6% a year and is falling.
Aeva Technologies, Inc. (AEVA) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy