10-K · September 8, 2026
EVI delivered strong fiscal 2026 revenue and gross-profit growth, supported substantially by acquisitions, and modestly improved operating margin. Diluted EPS declined to $0.48 from $0.49 as interest expense increased,…
Earnings analysis · 10-K
EVI earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
The filing is Form 10-K/A Amendment No. 1 and expressly says it adds only Part III information, contains no financial statements and does not update the original fiscal 2026 disclosures. The supplied quarterly results…
Read full summary
The filing is Form 10-K/A Amendment No. 1 and expressly says it adds only Part III information, contains no financial statements and does not update the original fiscal 2026 disclosures. The supplied quarterly results nevertheless show a strong Q4 inflection, with revenue of $121.873 million, diluted EPS of $0.17 and operating margin of 4.6%, following a weaker Q3. The strategic posture remains acquisition-led and technology-focused, but concentrated voting control, sizeable equity awards and related-party leases are meaningful governance risks; no new quantitative forward guidance is provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Strong Q4 rebound and operating leverage
The quarterly history supplied with the filing shows fiscal 2026 revenue of approximately $446 million, including $121.873 million in Q4, up from $101 million in Q3. Q4 diluted EPS was $0.17 versus $0.05 in Q3, while operating margin increased from 2.2% to 4.6%.
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Cash generation improved balance sheet
Fiscal 2026 quarterly free cash flow totaled approximately $12.884 million based on reported quarterly amounts of negative $0.89 million, $2 million, $0.774 million and $11 million. The prior earnings disclosure also stated that net debt declined to $44.2 million after the strong Q4 cash generation.
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Buy-and-build strategy backed by insider control
Management describes a buy-and-build growth strategy, and the filing attributes fiscal 2026 compensation decisions partly to the Company’s “buy-and-build growth strategy” and technology, business optimization and other initiatives. The Company’s directors and executive officers collectively control approximately 53.0% of total voting power.
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New equity plan supports long-term retention
The Company adopted the 2025 Equity Incentive Plan after the 2015 Equity Incentive Plan expired as to future grants in November 2025. In September 2026, the Company granted 248,352 restricted shares to the CEO, 20,273 restricted stock units to the business-development executive and 12,671 restricted shares to the CFO.
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Experienced commercial-laundry leadership
Management depth includes executives with substantial industry tenure: Tom Marks has been employed by Western State Design since 1987, and Dennis Mack founded Western State Design in 1974. The filing also identifies four of seven directors as independent under NYSE American rules.
What to watch
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Concentrated voting control
Henry Nahmad beneficially owns 36.7% of the common stock, and management plus the Board can vote approximately 53.0% of total voting power. This concentration allows insiders to control director elections and other matters requiring majority approval, limiting minority-stockholder influence.
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Large equity-award overhang
Outstanding restricted awards held by named executive officers had an approximate value of $23.5 million as of June 30, 2026 and could accelerate upon death, disability or a change in control; the Company would have recognized approximately $25.5 million of stock-based compensation upon such acceleration. The large, long-dated awards also create potential dilution and retention-cost risk.
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Related-party lease exposure
The Company paid approximately $887,000 in fiscal 2026 under related-party facility leases: $252,000 to an affiliate of a director and executive, $480,000 to an affiliate of a former subsidiary CEO and $155,000 to an affiliate of a subsidiary president. These arrangements create ongoing related-party governance and pricing risks.
Management's outlook
This Form 10-K/A states that it contains no financial statements and does not update the Fiscal 2026 Form 10-K. No quantitative fiscal 2027 revenue or EPS guidance is provided; the prior earnings release deferred outlook to management commentary.
Earlier filings 4
10-Q · May 11, 2026
EVI Industries reported strong quarterly results with a revenue of $115 million, a notable increase of 8% from the previous quarter and a 24% increase year-over-year. The company reported EPS of $0.15, slightly below…
10-Q · February 9, 2026
EVI Industries experienced a strong performance in its second quarter of fiscal year 2026, with revenue increasing to $115 million, up 24% year-over-year. While EPS came in slightly below estimates at $0.15, the company…
10-Q · November 10, 2025
EVI Industries reported a 16% increase in revenue year-over-year for the first quarter of fiscal 2026, totaling $108.3 million. Despite rising revenues, the diluted EPS fell to $0.11 from $0.21 in the prior year, driven…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.