Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 9, 2026
Everus Construction Group, Inc. (ECG)
A forensic read on Everus Construction Group, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound
Forensic grade
Safe
Financial health
10.8
Distress distance
Clean
Earnings quality
4
Forensic signals
31.9
P / E (ttm)
32.0%
ROE
$7.0B
Market cap
31.5%
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.
Everus Construction Group, Inc. earns a B (Sound) forensic quality grade, and its balance-sheet distress test reads 10.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by shareholder returns — halted.
What the filings flag
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $179M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
0.93×
FY2024–FY2025
Cash conversion.Over FY2024–FY2025, operating cash flow was 0.93× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+23.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +23.7% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply, and much of it is accounted for. The build is led by receivables up +30% against revenue +31%. That build tracks a +31% revenue year: net operating assets grew +27% and receivables +30%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 6% of net operating assets.
+0.1%/yr
FY2024–FY2025
Share count.Diluted share count changed +0% over the last 1 year to FY2025 (+0.1%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$3.75B
Revenue Growth YoY+31.5%
Net Margin5.4%
Free Cash Flow$90.0M
Return on Equity32.0%
Debt / Equity0.45x
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 Everus Construction Group, Inc.'s actual 10-K/10-Q/8-K filings?