Forensic Analysis · Chemicals · as of Nov 10, 2026
Ecovyst Inc. (ECVT)
A forensic read on Ecovyst 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
Grey Zone
Financial health
1.7
Distress distance
Clean
Earnings quality
2
Forensic signals
-10.9%
ROE
20.9%
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 (auditor quality, say on pay, board independence, going concern). 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.
Ecovyst Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.7, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.4%
FY2025
Return on invested capital.Return on invested capital is 3.4% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.4-point range. After-tax operating profit was $76M in FY2023 and $42M in FY2025, with operating income at 15.3% of revenue in FY2023, 14.2% in FY2024 and 9.0% in FY2025. The capital base behind it came down -24% across FY2023–FY2025, from $1.6B to $1.3B, so this return is struck on a smaller base than it started on.
43d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 32 to 43 days FY2024→FY2025 (receivables +60% vs revenue +21%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 51 → 32 → 43 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. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$723.5M
Revenue Growth YoY+20.9%
Revenue CAGR (2yr)+11.2%
Net Margin-9.8%
Free Cash Flow$69.9M
Return on Equity-10.9%
Debt / Equity0.65x
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 Ecovyst Inc.'s actual 10-K/10-Q/8-K filings?