Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-14.1
Altman Z-score
Watch
Earnings quality
5
Forensic signals
123.2%
ROE
$1.3B
Market cap
Aeva Technologies, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -14.1, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
68d DSOReceivables vs revenue.Days sales outstanding moved from 48 to 68 days FY2024→FY2025 (receivables +183% vs revenue +99%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
113dInventory days.Days inventory outstanding moved from 67 to 113 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.
-141%Return on invested capital.Return on invested capital is -141% and slipping from -45% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+10.4%/yrShare-count dilution.Diluted share count changed +31% over the last 3 years to FY2025 (+10.4%/yr). A reversal: the count shrank earlier (net -8.4%/yr since FY2019) but the company has SWUNG to issuing stock — recent holders are now being diluted, not rewarded. That's ~10.4% 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 ~31%.
121% of revStock-based comp load.Stock-based compensation ran 121% of revenue in FY2025 — about $0.38 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-804.4%
Free Cash Flow$-119.7M
Latest Revenue$18.1M
Return on Equity-1100.5%
Revenue Growth YoY+99.4%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Aeva Technologies, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about AEVA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown