Forensic Analysis · Technology / Software · as of Aug 12, 2026
Evolv Technologies Holdings, Inc. (EVLV)
A forensic read on Evolv Technologies Holdings, Inc. 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
Grey Zone
Financial health
1.5
Distress distance
Clean
Earnings quality
4
Forensic signals
-27.1
P / E (ttm)
-27.7%
ROE
$1.1B
Market cap
0.00%
Dividend yield
40.5%
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). 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.
Evolv Technologies Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.5, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-28.9%
FY2025
Return on invested capital.Return on invested capital is -28.9% in the latest fiscal year and rising from -124% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.4%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +17% over the last 3 years to FY2025 (+5.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.4% 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 FY2022 has been diluted ~15%.
14% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 14% of revenue in FY2025 — about $0.13 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 5.4% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
+20.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +20.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply, and much of it is accounted for. The build is led by receivables up +9% against revenue +40%. That build tracks a +40% revenue year: net operating assets grew +23% and receivables +9%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 58% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$145.9M
Revenue Growth YoY+40.5%
Revenue CAGR (3yr)+40.4%
Net Margin-22.7%
Return on Equity-27.7%
Debt / Equity0.24x
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 Evolv Technologies Holdings, Inc.'s actual 10-K/10-Q/8-K filings?