Everforth

EFOR · NYSE · Information Technology · Financials, fiscal 2016 to 2025

EFOR · Last close · November 6, 2026

$34.34

Everforth's revenue fell 2.9% to $4.0 billion in fiscal 2025. Its operating margin was 5.8%, down from 7.4% a year earlier. Free cash flow was $288 million, down 21.0%. It paid out $170 million in dividends and buybacks, 59% of free cash flow. The diluted share count fell 4.6%.

Everforth, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0000890564-26-000013 Updated November 5, 2026

Revenue

$4.0B

2.9%

Operating margin

5.8%

1.6 pts

Net income

$114M

35.2%

Free cash flow

$288M

21.0%

Return on capital

5.9%

2.3 pts

Market cap

$1.4B

Nov 6 close

P/E

21.1x

On $1.63 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Everforth does

Everforth, formerly ASGN, provides information technology (IT) services to businesses and government agencies. It announced in November 2025 that it would rebrand from ASGN to Everforth, with the change due in the first half of 2026. Its six brands are Apex Systems, Creative Circle, CyberCoders, ECS, GlideFast and TopBloc.

It reports two segments: Commercial and Federal Government. The Commercial segment serves large companies and large mid-sized companies. The company groups its work into six areas: cloud and infrastructure, data and AI, software development and engineering, customer experience, cybersecurity, and enterprise platforms. The Federal Government segment works for U.S. federal agencies, in some cases as the prime contractor.

The company says it earns its money from IT consulting and from placing technology and creative professionals with clients, and that it builds teams quickly for each client. It grew through internal growth and acquisitions. No client other than the U.S. federal government accounted for more than a tenth of its revenue. It is based in Glen Allen, Virginia.

Its biggest risks, as it describes them

Many client agreements can be ended on short notice, so it must keep winning and keeping clients.
It may be unable to attract and keep skilled technology and digital professionals.
Its use of AI could produce faulty or controversial results, or fall behind fast-changing technology.
Acquisitions may not be integrated well, and a goodwill write-down could hurt its results.
Failing to meet the terms of its debt agreements could limit its flexibility.

From Everforth's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 4.1% a year and net income 1.7% a year, as buybacks cut the share count by 19%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	530	70	176	205	161
Debt incl. finance leases	1,034	1,067	1,037	1,034	1,169
Net debt (negative means net cash)	504	996	861	828	1,008
Net debt to EBITDA	1.1x	2.0x	1.9x	2.1x	2.9x
Debt to equity	0.6x	0.6x	0.6x	0.6x	0.7x
Interest coverage	9.4x	8.9x	5.5x	4.7x	3.4x
Current ratio	2.9x	2.2x	2.5x	2.5x	2.2x
Quick ratio	2.9x	2.2x	2.5x	2.5x	2.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Everforth's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Everforth's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 13 insiders bought $1.9 million of Everforth shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Apr 29, 2026	Joseph Wendell DyerDirector	Bought	1,112	$22.47	$24,987	Form 4
Apr 28, 2026	Sadasivam IyerPresident	Bought	1,110	$22.67	$25,164	Form 4
Apr 28, 2026	Rose CunninghamChief Accounting Officer	Bought	1,125	$22.27	$25,054	Form 4
Apr 27, 2026	Brian J. CallaghanDirector	Bought	5,121	$20.27	$103,803	Form 4
Apr 27, 2026	Patricia L ObermaierDirector	Bought	2,500	$20.61	$51,525	Form 4
Apr 27, 2026	Carol LindstromDirector	Bought	247	$20.15	$4,977	Form 4
Apr 24, 2026	Theodore S. HansonChief Executive Officer, Director	Bought	51,965	$19.24	$999,807	Form 4
Apr 24, 2026	Arshad MatinDirector	Bought	10,000	$19.35	$193,500	Form 4
Apr 24, 2026	Maria R HawthorneDirector	Bought	5,136	$19.49	$100,101	Form 4
Apr 24, 2026	Marie PerryEVP, Chief Financial Officer	Bought	5,350	$18.70	$100,045	Form 4
Apr 24, 2026	Mark A. FrantzDirector	Bought	3,800	$18.92	$71,896	Form 4
Apr 24, 2026	Jennifer Hankes PainterSVP, Chief Legal Officer	Bought	2,500	$20.03	$50,075	Form 4

The latest 12 of 15 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	6 of 9	5 of 9
Rule of 40	6.5%	1.0%	4.3%
Altman Z''	4.06	3.82	3.28
Accruals ratio	−6.7%	−6.5%	−6.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	6 of 9	6 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Everforth side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Everforth	FY25	−2.9%	5.8%	7.2%	5.9%	2.9x	5
EPAM Systems	FY25	15.4%	9.5%	11.2%	16.3%	−2.0x	6	Compare
NCR Voyix	FY25	−4.7%	1.0%	−14.0%	1.3%	3.5x	3	Compare
Globant	FY25	1.6%	7.0%	11.5%	5.8%	—	3	Compare
Gartner	FY25	3.7%	15.8%	18.1%	44.6%	1.0x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,440	2,626	3,400	3,416	3,502	4,010	4,581	4,451	4,100	3,980
Revenue growth	—	7.6%	29.5%	0.5%	2.5%	14.5%	14.3%	−2.9%	−7.9%	−2.9%
Gross profit	795	850	1,024	972	947	1,142	1,370	1,280	1,184	1,149
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	190	225	260	276	281	351	410	364	304	230
Net income	97	158	158	175	200	410	268	219	175	114
Diluted EPS (US$)	1.81	2.97	2.98	3.28	3.76	7.66	5.23	4.50	3.83	2.60
Diluted shares (millions)	54	53	53	53	53	54	51	49	46	44
Cash flow
Cash from operations	199	196	287	313	425	194	308	457	400	328
Capital expenditure	27	24	29	33	33	35	38	40	35	40
Free cash flow	172	172	259	280	392	159	270	417	365	288
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	41	60	0	20	28	181	281	273	327	170
Acquisitions	0	26	760	116	186	223	485	0	0	304
Stock-based compensation	27	24	32	39	32	53	49	44	42	48
Balance sheet at fiscal year end
Cash and short-term investments	27	37	42	95	274	530	70	176	205	161
Debt incl. finance leases	640	575	1,100	1,032	1,033	1,034	1,067	1,037	1,034	1,169
Total assets	1,753	1,810	2,688	2,941	3,278	3,503	3,586	3,545	3,429	3,677
Total liabilities	884	819	1,506	1,565	1,691	1,637	1,684	1,652	1,652	1,873
Shareholders' equity	869	991	1,182	1,376	1,587	1,865	1,901	1,892	1,777	1,804
Margins and ratios
Gross margin	32.6%	32.4%	30.1%	28.4%	27.1%	28.5%	29.9%	28.8%	28.9%	28.9%
Operating margin	7.8%	8.6%	7.7%	8.1%	8.0%	8.8%	8.9%	8.2%	7.4%	5.8%
Net margin	4.0%	6.0%	4.6%	5.1%	5.7%	10.2%	5.8%	4.9%	4.3%	2.9%
Free cash flow margin	7.1%	6.5%	7.6%	8.2%	11.2%	4.0%	5.9%	9.4%	8.9%	7.2%
Rule of 40 (growth + FCF margin)	—	14.2%	37.1%	8.7%	13.7%	18.4%	20.2%	6.5%	1.0%	4.3%
Return on capital	7.8%	11.9%	10.7%	8.9%	8.9%	11.0%	11.4%	9.5%	8.3%	5.9%
Return on equity	11.8%	16.9%	14.5%	13.7%	13.5%	23.8%	14.2%	11.6%	9.6%	6.3%
Return on assets	5.5%	8.8%	7.0%	6.2%	6.4%	12.1%	7.6%	6.2%	5.0%	3.2%
Net debt to EBITDA	2.4x	1.9x	3.0x	2.5x	2.0x	1.1x	2.0x	1.9x	2.1x	2.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Everforth's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Everforth.