Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026
Elanco Animal Health Inc (ELAN)
A forensic read on Elanco Animal Health 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
1.3
Distress distance
Clean
Earnings quality
2
Forensic signals
-3.7%
ROE
6.2%
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 (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.
Elanco Animal Health Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.3, 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
0.0%
FY2025
Return on invested capital.Return on invested capital is 0.0% in the latest fiscal year, against -5.7% in FY2023, having run between -5.7% and 4.2% across FY2023–FY2025 with no direction held. After-tax operating profit was ($725M) in FY2023 and ($3M) in FY2025. The capital base behind it came down -13% across FY2023–FY2025, from $12.8B to $11.1B, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $1.0B goodwill write-off and a $32M asset write-down that took about 6.6 points off that year's return, and FY2025's carried a $156M restructuring charge and a $71M asset write-down that took about 1.6 points off the latest; so, net of each other, the two charges add about 5.0 points to the +5.7-point change across FY2023–FY2025. FY2024's operating profit carried a $81M asset write-down and a $44M restructuring charge that alone took about 0.7 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
$1.0B
FY2023
Goodwill impairments.Took $1.0B of goodwill writedowns across 1 year (FY2023 ($1.0B)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$4.71B
Revenue Growth YoY+6.2%
Revenue CAGR (2yr)+3.3%
Net Margin-4.9%
Free Cash Flow$284.0M
Return on Equity-3.7%
Debt / Equity0.61x
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 Elanco Animal Health Inc's actual 10-K/10-Q/8-K filings?