Forensic Analysis · Retail / Consumer Discretionary · as of Aug 11, 2026

Envela Corp (ELA)

A forensic read on Envela Corp 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

18.1

Distress distance

Watch

Earnings quality

Forensic signals

21.4

P / E (ttm)

21.8%

ROE

$423M

Market cap

33.6%

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.

Envela Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 18.1, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

0.65×

FY2023–FY2025

Cash conversion. Over FY2023–FY2025, operating cash flow was 0.65× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.

+15.1%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +15.1% 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 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 +151% against revenue +34% and inventory up +36% against +38% in cost of sales. This is the seventh straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 17% of net operating assets.

Key fundamentals

Latest Revenue$241.0M

Revenue Growth YoY+33.6%

Revenue CAGR (3yr)+9.7%

Net Margin6.1%

Free Cash Flow$1.4M

Return on Equity21.8%

Debt / Equity0.15x

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