Forensic Analysis · Household & Personal Care Products · as of Nov 10, 2026
Edgewell Personal Care Co (EPC)
A forensic read on Edgewell Personal Care Co 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
Safe
Financial health
2.6
Distress distance
Clean
Earnings quality
5
Forensic signals
1.6%
ROE
-1.3%
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.
Edgewell Personal Care Co earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.6, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-1.13×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was -1.13× cumulative net income before $51.1M of non-cash goodwill impairment. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
2.9%
FY2025
Return on invested capital.Return on invested capital is 2.9% in the latest fiscal year and slipping across FY2023–FY2025 from 5.9%. After-tax operating profit was $176M in FY2023 and $87M in FY2025, with operating income at 10.1% of revenue in FY2023, 8.8% in FY2024 and 4.3% in FY2025. The capital base behind it went from $3.0B in FY2023 to $3.0B in FY2025 (-1%), while the revenue it carried went from $2.3B to $2.2B. FY2025's operating profit carried a $51M goodwill write-off and a $48M restructuring charge that alone took about 3.0 points off that year's return, so about all of the 3.0-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $36M restructuring charge that alone took about 1.0 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.
289% of FCF
FY2025
Shareholder returns.Returned $120M to shareholders (buybacks + dividends) in FY2025 — 289% of free cash flow. That is $78M (189%) more than free cash flow covered, and more than operating cash flow as well. New debt covered it: total debt rose $108M over FY2025, while cash rose $17M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $24M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 348%.
$51M
FY2025
Goodwill impairments.Took $51M of goodwill writedowns across 1 year (FY2025 ($51M)) — about 201% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
23d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 18 to 23 days FY2024→FY2025 (receivables +26% vs revenue -1%). Receivables are creeping up relative to sales. Only -113¢ of operating cash arrived for every dollar of profit reported over FY2023–FY2025 (-$328.7M against $289.8M), and the receivables balance is one of the places the rest is sitting. Across FY2023–FY2025 the day count ran 17 → 18 → 23 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$2.22B
Revenue Growth YoY-1.3%
Revenue CAGR (2yr)-0.6%
Net Margin1.1%
Free Cash Flow$41.4M
Return on Equity1.6%
Debt / Equity0.89x
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 Edgewell Personal Care Co's actual 10-K/10-Q/8-K filings?