Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Evolution Metals & Technologies Corp.EMAT · business equipment
GradeNonecomputable_factors_below_threshold: 3 of 14 inputs computable; 7 are required
Reliability0.76 AUCfailure model, filers with under $12.5M assets; 95% interval 0.65 to 0.86; 63 events, 2020 to 2025
Peer failure rate0.60% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size bandunder $12.5M assetstotal assets $6.6M[1]
Warningslate filer, thin datanot computable: dilution, short runway, degenerate inputs, distress, fortress balance sheet
Inputs computable3 of 14
Graded fromfilings received through Feb 20, 2026231 days before the rescan; every figure keyed to the SEC receipt date
Last close$1.702026-10-08; market equity $1.1B; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$10$20FebMarAprMayJunJulAugSepOct$1.70
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2022nonen/aQ2
Apr 21, 2025nonen/aQ1

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Feb 20, 2026; the document on sec.gov.

limited liability company, was formed in February 2024 for the purpose of building an integrated midstream and downstream critical materials platform focused on recycling, processing, and manufacturing products derived from end-of-life materials, including rare earth elements, as a holding company intended to acquire and integrate operating businesses with established commercial capabilities across critical materials recycling, metal and alloy manufacturing, and advanced materials processing.

Warnings [top]

Late filer. found 5 NT 10-K/Q filings in the last eight quarters
Thin data. 3 of 14 grade factors are computable; minimum is 7

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 65.6
Gross profitabilitynot computable28.5%
one or more required annual facts are missing
Return on invested capitalnot computable10.9%
one or more required annual facts are missing
Accruals ratio(4.9%)[1-4](7.4%)65.66212025-12-31
Gross margin stability, five yearsnot computable2.4 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 93.2
Twelve-month failure probabilitynot computable0.05%
market price is missing at 2025-12-31
Altman Z double-prime(18.33)[1,5-10]2.1886.95662025-12-31
Net debt to EBITDAnot computable1.11x
one or more required annual facts are missing
Interest coveragenot computable3.77x
one or more required annual facts are missing
Current ratio0.02x[5-6]2.02x99.46662025-12-31
Growth and financing
Revenue growth, three-year compoundnot computable6.4%
four annual observations are required; found 0
Free cash flow growth, three-year compoundnot computable17.2%
four consecutive annual FCF observations are required; found 0
Reinvestment ratenot computable14.3%
one or more required annual facts are missing
Asset growth, three yearsnot computable5.0%
four consecutive annual observations are required
Net share issuance, one yearnot computable0.5%
raw and split-adjusted prices do not align at 2025-03-25

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 497 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest monthnot computable2.2%missing required 12-1 monthly returns: 2026-01, 2025-12, 2025-11, 2025-10
Distance from 52-week high(92.0%)(30.0%)2closer to its high than 2 of 100 peers
EBIT to enterprise value(0.2%)1.5%34pricier than 66 of 100 peers
Free cash flow yieldnot computable2.7%required accounting or market input is missing
Book value to price(0.02)0.236pricier than 94 of 100 peers
Sales to pricenot computable0.30required accounting or market input is missing
Composite equity issuance, five yearsnot computable3.9%a share count from five years earlier is required
Relative strength against the sector, log excess returnnot computable(0.26)missing required 12-1 monthly returns: 2026-01, 2025-12, 2025-11, 2025-10

Inputs: market equity $1.1B; EBIT -$2.0M; book equity -$18.9M; debt $3.6M; cash $4,022[11].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(14.6%)✗ fail[2,4]
Operating cash flow above zero-$1.3M✗ fail[3]
Return on assets improvedn/a[2,4,12]
Operating cash flow exceeds net income$461,154✓ pass[2-3]
Long-term leverage felln/a[1,4]
Current ratio improved1.3 pts✓ pass[5-6,13-14]
No new shares issuedn/a[15-16]
Gross margin improvedn/a
Asset turnover improvedn/a[4]
Cash, filings, liquidity
Cash and equivalentsn/a
Operating cash flow, four quartersn/a[3,17-20]
Months of runwaynot finite
cash is missing at the end of the latest cash-flow quarter
Late filings, two years5
NT 10-K or NT 10-Q
Days since last periodic filing53
10-Q received Aug 17, 2026
Median daily dollar volume$2.0M
63 sessions
Days since newest grade input231

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$6.6M2025-12-312026-02-2010-Kfiling · viewer · series
2net incomeus-gaap:NetIncomeLoss-$1.8M2025-12-312026-02-2010-Kfiling · viewer · series
3operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$1.3M2025-12-312026-02-2010-Kfiling · viewer · series
4assetsus-gaap:Assets$12.3M2024-12-312026-02-2010-Kfiling · viewer · series
5current assetsus-gaap:AssetsCurrent$145,2492025-12-312026-02-2010-Kfiling · viewer · series
6current liabilitiesus-gaap:LiabilitiesCurrent$9.5M2025-12-312026-02-2010-Kfiling · viewer · series
7retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$12.0M2025-12-312026-02-2010-Kfiling · viewer · series
8operating incomeus-gaap:OperatingIncomeLoss-$2.0M2025-12-312026-02-2010-Kfiling · viewer · series
9book equityus-gaap:StockholdersEquity-$12.0M2025-12-312026-02-2010-Kfiling · viewer · series
10liabilitiesus-gaap:Liabilities$12.2M2025-12-312026-02-2010-Kfiling · viewer · series
11shares outstandingdei:EntityCommonStockSharesOutstanding621,800,6462026-08-172026-08-1710-Qfiling · viewer · series
12net incomeus-gaap:NetIncomeLoss-$899,9272024-12-312026-02-2010-Kfiling · viewer · series
13current assetsus-gaap:AssetsCurrent$15,2622024-12-312026-02-2010-Kfiling · viewer · series
14current liabilitiesus-gaap:LiabilitiesCurrent$8.2M2024-12-312026-02-2010-Kfiling · viewer · series
15shares outstandingdei:EntityCommonStockSharesOutstanding593,349,8522026-02-202026-02-2010-Kfiling · viewer · series
16shares outstandingdei:EntityCommonStockSharesOutstanding3,366,7652025-03-252025-03-2510-Kfiling · viewer · series
17operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$14.8M2026-06-302026-08-1710-Qfiling · viewer · series
18operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$5.6M2026-03-312026-05-2210-Qfiling · viewer · series
19operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$1.1M2025-09-302025-11-1810-Qfiling · viewer · series
20operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$4.5M2025-06-302026-08-1710-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Updated Oct 9, 2026