Forensic Analysis · Retail / Consumer Discretionary · as of Oct 11, 2026
Vince Holding Corp. (VNCE)
A forensic read on Vince Holding 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
Distress
Financial health
-14.5
Distress distance
Clean
Earnings quality
6
Forensic signals
12.7%
ROE
2.2%
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). 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.
Vince Holding Corp. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -14.5, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.8%
FY2026
Return on invested capital.Return on invested capital is 3.8% in the latest fiscal year, against 17.4% in FY2024, having run between -9.1% and 17.4% across FY2024–FY2026 with no direction held. After-tax operating profit was $28M in FY2024 and $6M in FY2026, with operating income at 10.8% of revenue in FY2024, -5.9% in FY2025 and 3.1% in FY2026. The capital base behind it went from $163M in FY2024 to $157M in FY2026 (-4%), while the revenue it carried went from $293M to $300M. FY2025's operating profit carried a $32M goodwill write-off that alone took about 17.0 points off that year's return; FY2025 sits between the two ends of FY2024–FY2026, so the charge shapes the path between them without moving the change across it.
+13.5%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +13.5% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 26% against +2% in cost of sales and inventory up +12% against +2% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 5% of net operating assets, against an accruals ratio of 13.5%. 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.
152d
FY2025→FY2026
Inventory days.Days inventory outstanding moved from 145 to 152 FY2025→FY2026 (against cost of goods sold; inventory +12% vs +2% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
+2.4%/yr
Key fundamentals
Latest Revenue$300.0M
Revenue Growth YoY+2.2%
Revenue CAGR (2yr)+1.2%
Net Margin2.1%
Free Cash Flow-$1.3M
Return on Equity12.7%
Debt / Equity0.39x
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 Vince Holding Corp.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Oct 11, 2026. Forensic signals flag probability, not certainty.
FY2024–FY2026
Share-count dilution.Diluted share count changed +5% over the last 2 years to FY2026 (+2.4%/yr). The count is growing — 12.5M shares in FY2024, 13.1M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.4% 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 ~5%.
0.1% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 0.1% of revenue in FY2026 — about $0.03 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 2.4% a year across FY2024–FY2026 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.
$32M
FY2025–FY2025
Goodwill impairments.Took $32M of goodwill writedowns across 1 year (FY2025 ($32M)). Writedowns mean past acquisitions underperformed what was paid for them.