Everus Construction Group, Inc. (ECG) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 24, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
9.7
Distress distance
Clean
Earnings quality
4
Forensic signals
23.3
P / E (ttm)
32.0%
ROE
$5.9B
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, going concern, valuation). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.7, 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, cumulative 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. 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. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 6% of net operating assets, against an accruals ratio of 23.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
+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?