Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 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
Distress
Financial health
-3.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-33.5%
ROE
$979M
Market cap
Evolv Technologies Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -3.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+20.3%Accruals ratio.Net operating assets grew +20.3% 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. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -58% of net operating assets.
-29%Return on invested capital.Return on invested capital is -29% and rising from -124% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.7%/yrShare-count dilution.Diluted share count changed +17% over the last 3 years to FY2025 (+5.7%/yr). The count is GROWING — existing holders are being diluted. That's ~5.7% 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 FY2022 has been diluted ~17%.
14% of revStock-based comp load.Stock-based compensation ran 14% of revenue and 113% of free cash flow in FY2025 — about $0.13 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.
Key fundamentals
Net Margin-22.7%
Debt / Equity0.24x
Free Cash Flow$15.0M
Latest Revenue$145.9M
Return on Equity-27.7%
Revenue Growth YoY+40.5%
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 Evolv Technologies Holdings, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about EVLV'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