Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 28, 2026
Energy Services of America CORP (ESOA)
A forensic read on Energy Services of America CORP built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
Grey Zone
Financial health
1.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
38.2
P / E (ttm)
14.4%
ROE
$353M
Market cap
0.70%
Dividend yield
Its Altman Z-score is 1.9, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+44.3%Accruals ratio. Net operating assets grew +44.3% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse.
68d DSOReceivables vs revenue. Days sales outstanding moved from 58 to 68 days FY2024→FY2025 (receivables +36% vs revenue +17%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
2%Return on invested capital. Return on invested capital is 2% and slipping from 9% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+0.7%/yrShare-count dilution. Diluted share count changed +2% over the last 3 years to FY2025 (+0.7%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin1.9%
Debt / Equity1.04x
Free Cash Flow$-2.2M
Latest Revenue$411.0M
Return on Equity4.2%
Revenue Growth YoY+16.8%
Go deeper — free with an account
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🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
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Data from SEC EDGAR public filings · metrics as of Jun 28, 2026. Forensic signals flag probability, not certainty.