Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 13, 2026
Ensign Group, Inc (ENSG)
A forensic read on Ensign 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
5.3
Distress distance
Clean
Earnings quality
4
Forensic signals
26.8
P / E (ttm)
15.4%
ROE
$10.2B
Market cap
0.21%
Dividend yield
18.7%
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.
Ensign Group, Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.3, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+20.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +20.7% 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 — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +12% against revenue +19%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 13% of net operating assets, against an accruals ratio of 20.7%. 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. Read them as two results, not one.
+1.2%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~3%.
7.9%
FY2025
Return on invested capital.Return on invested capital is 7.9% in the latest fiscal year and steady — slightly below its ~10% cost of capital — reinvestment is roughly a wash.
$498,000
FY2019–FY2019
Goodwill impairments.Took $498,000 of goodwill writedowns across 1 year (FY2019 ($498,000)) — about 0% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Net Margin6.8%
Debt / Equity0.06x
Latest Revenue$5.06B
Return on Equity15.4%
Revenue CAGR (3yr)+18.7%
Revenue Growth YoY+18.7%
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 Ensign Group, Inc's actual 10-K/10-Q/8-K filings?