Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 2026
Hyliion Holdings Corp. (HYLN)
A forensic read on Hyliion Holdings Corp. 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
10.0
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-26.1%
ROE
$788M
Market cap
Hyliion Holdings Corp. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 10.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-30%Return on invested capital.Return on invested capital is -30% and rising from -40% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
stoppedShareholder returns — halted.Capital returns have STOPPED — $14M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash; understand why before reading it as neutral.
+0.0%/yrShare-count dilution.Diluted share count changed +0% over the last 3 years to FY2025 (+0.0%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
158% of revStock-based comp load.Stock-based compensation ran 158% of revenue in FY2025 — about $0.03 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-1645.7%
Debt / Equity0.00x
Free Cash Flow$-70.3M
Latest Revenue$3.5M
Return on Equity-29.8%
Revenue Growth YoY+130.3%
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 Hyliion Holdings Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about HYLN'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