Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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
-6.3
Distress distance
Clean
Earnings quality
5
Forensic signals
-15.2
P / E (ttm)
$528M
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, 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.
Evolus, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -6.3, placing it in the Distress zone. 5 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 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 inventory up +122% against +19% in cost of sales and PP&E up +67% against revenue +12%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 17% of net operating assets, against an accruals ratio of 53.3%. 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.
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 across FY2023–FY2025 from -49.9%. After-tax operating profit was ($39M) in FY2023 and ($26M) in FY2025, with operating income at -24.4% of revenue in FY2023, -12.9% in FY2024 and -11.0% in FY2025. The capital base behind it grew +24% across FY2023–FY2025, from $78M to $97M, and the return did not fall doing it, so the dollars added over that window earned at least the -49.9% the older base was already earning.
+6.4%/yr
FY2023–FY2025
Key fundamentals
Latest Revenue$297.2M
Revenue Growth YoY+11.6%
Revenue CAGR (2yr)+21.3%
Net Margin-17.4%
Free Cash Flow-$50.7M
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 Sep 25, 2026. Forensic signals flag probability, not certainty.
Evolus, Inc. (EOLS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Share-count dilution.Diluted share count changed +13% over the last 2 years to FY2025 (+6.4%/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 ~6.4% 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 FY2023 has been diluted ~12%.
7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 7% of revenue in FY2025 — about $0.32 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.5% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.