Evolv Technologies Holdings, In — Earnings Quality Grade F
EVLV · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 77 days, change -23 days YoY
AR growth 8.6% vs revenue growth 40.5%
Revenue 40.5%, CFFO 160.5%. Cash follows revenue
Expense Quality
Inventory -45.1% vs COGS 59.0%. Normal
CapEx growth -0.9% vs revenue 40.5%. Normal
SG&A/Gross Profit = 133.4%, exceeds 70%
Gross margin swung -5.6pp (57.2% → 51.6%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -17.0%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -26.4x (<2x). Financial stress
Other assets 59.8% vs revenue 40.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = -3.03 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25