Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026

Aveanna Healthcare Holdings, Inc. (AVAH)

A forensic read on Aveanna Healthcare Holdings, 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

0.6

Distress distance

Clean

Earnings quality

Forensic signals

7.9

P / E (ttm)

115.7%

ROE

$2.1B

Market cap

20.2%

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.

Aveanna Healthcare Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.6, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+3.7%/yr

FY2022–FY2026

Share-count dilution. Diluted share count changed +16% over the last 4 years to FY2026 (+3.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.7% 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 ~14%.

+19.1%

FY2024→FY2026

Accruals ratio (% of NOA). Net operating assets grew +19.1% relative to their own average in FY2026 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +18% against revenue +20%. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 8% of net operating assets.

$898M

FY2021–FY2023

Goodwill impairments. Took $898M of goodwill writedowns across 3 years (FY2021 ($118M), FY2022 ($675M), FY2023 ($105M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$2.43B

Revenue Growth YoY+20.2%

Revenue CAGR (3yr)+13.2%

Net Margin9.2%

Return on Equity115.7%

Debt / Equity6.68x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.