Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Evommune, Inc. (EVMN)
A forensic read on Evommune, 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
Safe
Financial health
9.5
Altman Z-score
Watch
Earnings quality
4
Forensic signals
$907M
Market cap
Evommune, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 9.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+135.1%Accruals ratio.Net operating assets grew +135.1% 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 ahead of operating cash by +8% of net operating assets.
-39%Return on invested capital.Return on invested capital is -39% and rising from -174% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+306.9%/yrShare-count dilution.Diluted share count changed +307% over the last 1 years to FY2025 (+306.9%/yr). The count is GROWING — existing holders are being diluted. That's ~306.9% 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 FY2024 has been diluted ~307%.
45% of revStock-based comp load.Stock-based compensation ran 45% of revenue in FY2025 — about $0.95 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-529.8%
Free Cash Flow$-76.7M
Latest Revenue$13.0M
Return on Equity-33.5%
Revenue Growth YoY+85.7%
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 Evommune, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about EVMN'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