Forensic Analysis · Technology / Software · as of Sep 16, 2026
Evertec, Inc. (EVTC)
A forensic read on Evertec, 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
Safe
Financial health
3.6
Distress distance
Clean
Earnings quality
3
Forensic signals
16.9
P / E (ttm)
22.8%
ROE
$1.7B
Market cap
0.55%
Dividend yield
10.2%
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.
Evertec, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.6, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+21.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +21.7% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +20% against revenue +10%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 6% of net operating assets, against an accruals ratio of 21.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
10.0%
FY2025
Return on invested capital.Return on invested capital is 10.0% in the latest fiscal year, against 23% in FY2021, having run between 8.2% and 23.1% across FY2021–FY2025 with no direction held — within 0.0 points of the ~10% cost of capital we hold this sector to, so the capital deployed to date has been roughly value-neutral. The capital base behind it grew +122% across FY2021–FY2025, from $754M to $1.7B, while the return fell 13.1 points, so the dollars added over that window earned less than the 23% the older base was already earning.
-67%
FY2017→FY2018
Dividend — cut.The payout was CUT ~67% in FY2018 (from FY2017) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$931.8M
Revenue Growth YoY+10.2%
Revenue CAGR (3yr)+14.6%
Net Margin15.2%
Free Cash Flow$203.7M
Return on Equity22.8%
Debt / Equity1.77x
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 Evertec, Inc.'s actual 10-K/10-Q/8-K filings?