Forensic Analysis · Automotive / Vehicle Manufacturing · as of Sep 25, 2026
Rivian Automotive, Inc. / De (RIVN)
A forensic read on Rivian Automotive, Inc. / De 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
-3.1
Distress distance
Clean
Earnings quality
4
Forensic signals
-5.8
P / E (ttm)
-79.4%
ROE
$21.7B
Market cap
0.00%
Dividend yield
8.4%
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.
Rivian Automotive, Inc. / De earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -3.1, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-37.3%
FY2025
Return on invested capital.Return on invested capital is -37.3% in the latest fiscal year and rising across FY2023–FY2025 from -70.5%. After-tax operating profit was ($4.5B) in FY2023 and ($2.8B) in FY2025, with operating income at -129.4% of revenue in FY2023, -94.3% in FY2024 and -66.5% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+11.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +25% over the last 2 years to FY2025 (+11.9%/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 ~11.9% 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 FY2023 has been diluted ~20%.
14% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 14% of revenue in FY2025 — about $0.62 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 12.0% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
38d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 33 to 38 days FY2024→FY2025 (receivables +25% vs revenue +8%). Across FY2023–FY2025 the day count ran 13 → 33 → 38 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Receivables grew, but deferred revenue grew +131% over the same period too — rising alongside rising unearned revenue reads as upfront billing on multi-period contracts, not slipping collections. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Latest Revenue$5.39B
Revenue Growth YoY+8.4%
Revenue CAGR (2yr)+10.2%
Net Margin-67.7%
Free Cash Flow-$2.49B
Return on Equity-79.4%
Debt / Equity0.97x
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 Rivian Automotive, Inc. / De's actual 10-K/10-Q/8-K filings?