Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 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
-4.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-70.0%
ROE
$19.7B
Market cap
Rivian Automotive, Inc. / DE earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -4.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
38d DSOReceivables vs revenue.Days sales outstanding moved from 33 to 38 days FY2024→FY2025 (receivables +25% vs revenue +8%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-37%Return on invested capital.Return on invested capital is -37% and rising from -139% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+10.0%/yrShare-count dilution.Diluted share count changed +30% over the last 3 years to FY2025 (+10.0%/yr). The count is GROWING — existing holders are being diluted. That's ~10.0% 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 ~30%.
14% of revStock-based comp load.Stock-based compensation ran 14% of revenue in FY2025 — about $0.62 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-67.7%
Debt / Equity0.97x
Free Cash Flow$-2.49B
Latest Revenue$5.39B
Return on Equity-79.4%
Revenue Growth YoY+8.4%
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 Rivian Automotive, Inc. / DE:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RIVN'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