Evolus, Inc. (EOLS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 10, 2026
Evolus, Inc. (EOLS)
A forensic read on Evolus, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-6.4
Distress distance
Clean
Earnings quality
6
Forensic signals
-14.7
P / E (ttm)
$501M
Market cap
0.00%
Dividend yield
11.6%
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.
Evolus, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -6.4, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+53.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +53.3% 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 sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by inventory up +122% against +19% in cost of sales and receivables up +15% against revenue +12%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 17% of net operating assets, diverging from the balance-sheet accrual read.
71d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 50 to 71 FY2024→FY2025 (against cost of goods sold; inventory +122% vs +19% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-26.7%
FY2025
Return on invested capital.Return on invested capital is -26.7% in the latest fiscal year and rising from -67% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.8%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +15% over the last 3 years to FY2025 (+4.8%/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 ~4.8% 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 ~13%.
Key fundamentals
Latest Revenue$297.2M
Revenue Growth YoY+11.6%
Revenue CAGR (3yr)+26.0%
Net Margin-17.4%
Free Cash Flow-$45.7M
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 Evolus, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.
63d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 54 to 63 days FY2024→FY2025 (receivables +15% vs revenue +12%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 45 → 46 → 48 → 54 → 63 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (-20%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 7% of revenue in FY2025 — about $0.32 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 4.8% a year and is falling.