Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.0
Distress distance
Clean
Earnings quality
3
Forensic signals
-54.7
P / E (ttm)
-3.5%
ROE
$11.3B
Market cap
0.00%
Dividend yield
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 (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.
Elanco Animal Health Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.0, placing it in the Grey zone. 3 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 4.6% 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 -12% across FY2023–FY2025, from $12.8B to $11.3B, so this is a return struck on a smaller base rather than a record of money put to work. 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 0.8 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.
+0.4%/yr
FY2023–FY2025
Share count.Diluted share count changed +1% over the last 2 years to FY2025 (+0.4%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
$1.0B
FY2023–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-3.5%
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?