Forensic Analysis · General / Diversified · as of Jun 27, 2026
EquipmentShare.com Inc (EQPT)
A forensic read on EquipmentShare.com 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
Grey Zone
Financial health
1.4
Altman Z-score
Clean
Earnings quality
4
Forensic signals
$5.2B
Market cap
EquipmentShare.com Inc earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 1.4, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+24.5%Accruals ratio.Net operating assets grew +24.5% relative to their average in FY2025 — the accrual component of earnings. 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 cash-flow cross-check agrees: reported earnings ran behind operating cash by -7% of net operating assets.
62d DSOReceivables vs revenue.Days sales outstanding moved from 55 to 62 days FY2024→FY2025 (receivables +33% vs revenue +16%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
5%Return on invested capital.Return on invested capital is 5% and slipping from 34% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+100.7%/yrShare-count dilution.Diluted share count changed +201% over the last 2 years to FY2025 (+100.7%/yr). The count is GROWING — existing holders are being diluted. That's ~100.7% 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 ~201%.
Key fundamentals
Net Margin0.9%
Debt / Equity6.20x
Latest Revenue$4.38B
Return on Equity7.6%
Revenue Growth YoY+16.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on EquipmentShare.com Inc:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about EQPT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown