Forensic Analysis · Consumer Staples / Food & Beverage · as of Jun 27, 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

Altman Z-score

Clean

Earnings quality

Forensic signals

-5.1%

ROE

$1.3B

Market cap

2.29%

Dividend yield

EDGEWELL PERSONAL CARE Co earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.6, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

-1.38×Cash conversion. Over FY2023–FY2025, operating cash flow was -1.38× cumulative net income. Reported profit is not turning into cash — a classic earnings-quality warning.

3%Return on invested capital. Return on invested capital is 3% and slipping from 5% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.

1% of revStock-based comp load. Stock-based compensation ran 1% of revenue and 59% of free cash flow in FY2025 — about $0.51 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.

289% of FCFShareholder returns. Returned $120M to shareholders (buybacks + dividends) in FY2025 — 289% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.

$459MGoodwill impairments. Took $459M of goodwill writedowns across 2 year(s) (FY2019 ($408M), FY2025 ($51M)) — about 303% 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.

+10.3%Accruals ratio. Net operating assets grew +10.3% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by -3% of net operating assets.

Key fundamentals

Net Margin1.1%

Debt / Equity0.89x

Free Cash Flow$41.4M

Latest Revenue$2.22B

Return on Equity1.6%

Revenue Growth YoY-1.3%

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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.