Forensic Analysis · Retail / Consumer Discretionary · as of Sep 24, 2026
Wayfair Inc. (W)
A forensic read on Wayfair Inc. 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
-2.5
Distress distance
Clean
Earnings quality
3
Forensic signals
-41.7
P / E (ttm)
$13.6B
Market cap
0.00%
Dividend yield
5.1%
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.
Wayfair Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -2.5, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-4046.6%
FY2024
Return on invested capital.Return on invested capital is -4046.6% in the latest fiscal year, against -747% in FY2023. The capital base behind it came down -90% across FY2023–FY2024, from $86M to $9M, so this is a return struck on a smaller base rather than a record of money put to work.
+6.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +12% over the last 2 years to FY2025 (+6.0%/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 ~6.0% 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 FY2023 has been diluted ~11%.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue and 72% of free cash flow in FY2025 — about $2.62 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 6.0% a year, and the rate is falling. 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.
Key fundamentals
Latest Revenue$12.46B
Revenue Growth YoY+5.1%
Revenue CAGR (2yr)+1.9%
Net Margin-2.5%
Free Cash Flow$464.0M
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 Wayfair Inc.'s actual 10-K/10-Q/8-K filings?