Forensic Analysis · Technology / Software · as of Sep 25, 2026
Evercommerce Inc. (EVCM)
A forensic read on Evercommerce 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
1.6
Distress distance
Clean
Earnings quality
3
Forensic signals
40.3
P / E (ttm)
2.5%
ROE
$1.5B
Market cap
4.8%
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.
Evercommerce Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.6, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4.4%
FY2025
Return on invested capital.Return on invested capital is 4.4% in the latest fiscal year and rising across FY2023–FY2025 from -0.2%. After-tax operating profit was ($2M) in FY2023 and $51M in FY2025, with operating income at -0.5% of revenue in FY2023, 4.7% in FY2024 and 10.1% in FY2025. The capital base behind it came down -13% across FY2023–FY2025, from $1.3B to $1.1B, so this is a return struck on a smaller base rather than a record of money put to work. FY2024's operating profit carried a $6M goodwill write-off that alone took about 0.4 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.
107% of FCF
FY2025
Shareholder returns.Returned $85M to shareholders (buybacks + dividends) in FY2025 — 107% of free cash flow. That is $6M (7%) more than free cash flow covered. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $6M over FY2025, while total debt fell $5M. That ratio has been CLIMBING past free cash flow — 83% of free cash flow two years back — not just sitting there. Counting the $28M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 143%.
$6M
FY2024–FY2024
Goodwill impairments.Took $6M of goodwill writedowns across 1 year (FY2024 ($6M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$588.9M
Revenue Growth YoY+4.8%
Revenue CAGR (2yr)+4.9%
Net Margin3.0%
Free Cash Flow$79.6M
Return on Equity2.5%
Debt / Equity0.73x
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 Evercommerce Inc.'s actual 10-K/10-Q/8-K filings?