Evolv Technologies Holdings Inc. (Class A) (EVLV) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, EVLV carries an RQD score of 43 out of 100, graded D-, with the verdict label "Roarable Sell — Vulnerable Balance Sheet & Flow." The five pillars are scored as follows:

• Fundamental Cash Engine: 9 / 20. The rating cites ROIC of -35% and an FCF yield of 2.13%. Negative ROIC means the business is currently destroying capital on a return basis, so the cash-generation pillar is the weakest contributor to the overall score.
• Whale 13F Flow: 8 / 20. The rating references institutional accumulation and options positioning. A sub-median score indicates the institutional signal is not a meaningful support factor at present.
• Insider Conviction: 8 / 20. The rating references SEC Form 4 and Congressional PTR cluster flow. The score indicates insider and political-disclosure flow is not a strong positive signal.
• Macro Regime Fit: 8 / 20. The rating cites a beta of 1.0 and sector sensitivity. A beta of 1.0 means the stock is expected to move in line with the broader market, offering no defensive cushion, and the score reflects limited fit with the prevailing regime.
• Forensic Balance Sheet: 10 / 20. The rating cites an Altman Z-Score of 1.13, a Piotroski F-Score of 8/9, and Debt/Equity of 0.24. The Piotroski reading is strong, but the Altman Z-Score sits in a range conventionally associated with distress risk, which is the principal reason this pillar is not higher.

Taken together, the pillars describe a company whose operating economics are negative (per the market data, operating margin is -33.2% and net margin is -22.7%), whose balance-sheet leverage is modest (Debt/Equity 0.24), but whose distress-type indicators and weak return metrics dominate the rating. For a prospective investor, the upside case rests on improving operating leverage and cash conversion; the valuation tradeoff is that the stock trades at a $878.5M market capitalization against negative returns on capital, so the market is pricing in a turnaround that the reported metrics do not yet demonstrate.

Per the SEC financials, revenue grew from $79.6M in FY 2023 to $145.9M in FY 2025 while operating losses narrowed from $-90.1M to $-48.5M. Free cash flow turned positive at $18.7M in FY 2025 after negative readings in prior periods. Per the market data, operating margin is -33.2%, net margin is -22.7%, and ROIC is -35%. Per the Roarable RQD rating, the Altman Z-Score is 1.13 and the Piotroski F-Score is 8/9; the reported Debt/Equity is 0.24, consistent with a modest debt load against the FY 2025 debt of $28.6M.

• GREEN / CATALYST: A Yahoo Finance report titled "Why Investors are Ignoring Growth at Evolv Technologies Holdings (EVLV)" is the sole item flagged as a catalyst in the feed.
• RED / RISK WATCH: A Yahoo Finance report titled "What Evolv Technologies Investors Missed Before The Fall" is the sole item flagged as a risk watch.
• YELLOW / MARKET WIRE: Seeking Alpha ("The Market Is Slowly Bleeding The Stock"), MarketBeat ("Reaches New 12-Month Low"), Stock Titan (Boston College adds three bag-screening systems at its sports venues), and MarketBeat ("Sets New 1-Year Low") are flagged as market-wire items.

Per the feed, two MarketBeat items report new 12-month and 1-year lows, consistent with the market data range low of $4.02. The Stock Titan item is the only one referencing a specific customer deployment. Per the Butterfly Supply-Chain Graph, there are no supply-chain links and no proprietary signals recorded.

Per the Butterfly Supply-Chain Graph, the supply chain is recorded as NONE, with no butterfly links and no proprietary signals. Upstream and downstream dependencies, sector correlations, and second-order bottlenecks are therefore not available in source data. The sector is Technology and the industry is Computer peripheral equipment, but no specific counterparty or dependency relationships are documented in the provided sources.

• What specific products and customers generate the FY 2025 revenue of $145.9M, and how much is recurring?
• What drove the swing from FCF of $-30.9M in FY 2024 to $18.7M in FY 2025, and is it repeatable?
• What are the P/E, EPS, and EV/EBITDA figures, given that earnings-based valuation metrics are absent from the source data?
• What is the composition of the Altman Z-Score of 1.13, and what debt maturities underlie the Debt/Equity of 0.24?
• Which institutional holders and insiders are driving the 13F and Form 4 signals referenced in the rating, since the holders section is empty?