# Everforth (EFOR.US)

Canonical: https://gigainvestors.com/s/EFOR

Analysis as of: 2026-10-16T07:26:36.769Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $39.52 per share; close as of 2026-10-15.

Estimated value: low $66.46 per share, central $75.62 per share, high $87.82 per share. Buy at or below the central value $75.62 per share. Valuation as of 2026-10-16T07:26:36.769Z; scenarios are not confidence intervals.

Expected annual return: 16.7% at the stated quote. About 16.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.09×

- FY2022: 0.09×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.06×

- LTM to Jun 2026: 0.05×

### moat: pass

- ROIC, median of available years: 26.4%

- ROIC, second-lowest year: 20.6%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 28.9%

- Recent gross margin (lower of latest and 3-year median): 28.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 9.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.3%

- FY2017: 28.3%

- FY2018: 24.6%

- FY2019: 21.8%

- FY2020: 20.6%

- FY2021: 30.0%

- FY2022: 28.3%

- FY2023: 28.9%

- FY2024: 28.5%

- FY2025: 24.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $1.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.5 pp

- Working capital / revenue, final three-year average: 15.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.13×

- FY2022: 1.20×

- FY2023: 1.28×

- FY2024: 1.35×

- FY2025: 1.65×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 24.6% vs 28.5%

- Per-share earnings: 1.84 to 3.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.9%

- Ordinary dilution, 5-year annual growth: -3.9%

- Market cap gain: -$319M

- Cumulative retained earnings: $776M

- Diluted shares, 10-year annual growth: -1.9%

- Diluted shares, 5-year annual growth: -3.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.6%

- Per-share value change: $1.99

- Per-share value, starting three-year median: $1.84

- Per-share value, ending three-year median: $3.83

- Buybacks concentrated in cheaper years (correlation): 0.47

- Average buyback yield: 3.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $1.6B

- Cumulative net income, 10 years: $2.0B

- ROIC, first three-year median: 24.6%

- ROIC, last three-year median: 28.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.81

- FY2017: $2.96

- FY2018: $2.97

- FY2019: $3.27

- FY2020: $3.76

- FY2021: $7.66

- FY2022: $5.23

- FY2023: $4.50

- FY2024: $3.83

- FY2025: $2.60

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 14.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.44×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: -2.1%

- FY2018: -4.8%

- FY2019: -4.7%

- FY2020: -6.8%

- FY2021: 6.2%

- FY2022: -1.1%

- FY2023: -6.7%

- FY2024: -6.6%

- FY2025: -5.8%

## Holders

## Price story

Down 68% since Dec 2021 · sales -0.3%

Story as of 2026-10-16T09:58:19.942Z; price observation 2026-10-15.

Price needs cash profits to shrink 7.3% a year for ten years

- 2026-07-29: Everforth (NYSE:EFOR) Posts Better-Than-Expected Sales In Q2 CY2026, Next Quarter’s Sales Guidance is Optimistic ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/everforth-nyse-efor-posts-better-203051870.html))

- 2026-08-11: Everforth ECS Wins $30M Defense Health Agency Contract for Health IT Modernization ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/everforth-ecs-wins-30m-defense-111300644.html))

- 2026-09-24: Everforth ECS Secures $148M SUNet Contract Extension, Advances SUNet 2.0 Modernization ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/everforth-ecs-secures-148m-sunet-111300633.html))

### Sales · FY2025–2026

sales -0.3%; source https://www.sec.gov/Archives/edgar/data/890564/000089056426000013/asgn-20251231.htm; observed 2026-02-25.

- FY2017: $2.6B 

- FY2018: $3.4B 

- FY2019: $3.4B 

- FY2020: $3.5B 

- FY2021: $4.0B 

- FY2022: $4.6B 

- FY2023: $4.5B 

- FY2024: $4.1B 

- FY2025: $4.0B 

- FY2026: $4.0B 

### Gross margin · FY2025

gross margin 28.9%; source https://www.sec.gov/Archives/edgar/data/890564/000089056426000013/asgn-20251231.htm; observed 2026-02-25.

- FY2016: 32.6% 

- FY2017: 32.4% 

- FY2018: 30.1% 

- FY2019: 28.4% 

- FY2020: 27.0% 

- FY2021: 28.5% 

- FY2022: 29.9% 

- FY2023: 28.8% 

- FY2024: 28.9% 

- FY2025: 28.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are USD 4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/890564/000089056426000013/asgn-20251231.htm (filed 2026-02-25); FY2025: revenue 3980400000; grossProfit 1149100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); EFOR.US: Everforth, Inc. provides information technology solutions for commercial and government sectors in the United States, Canada, and Europe. It operates through two segments: Commercial and Federal Government. The Commercial Segment provides consulting, creative digital marketing, and permanent placement services primarily to Fortune 1000 and mid-market companies across harmonized solutions areas, such as cloud and infrastructure, data and AI, software development and engineering, customer experience, cybersecurity, and enterprise platforms, as well as key industries consists financial services, consumer and industrial, technology, media and telecom, healthcare, and business and government services. The Federal Government Segment provides advanced IT solutions in data and AI, cybersecurity, and enterprise platforms to defense and intelligence, national security, federal civilian, and other clients in the public and private sectors. It provides its products under the Apex Systems, Creative Circle, CyberCoders, ECS, GlideFast, and TopBloc brand names. The company was formerly known as ASGN Incorporated and changed its name to Everforth, Inc. in April 2026. The company was founded in 1985 and is headquartered in Glen Allen, Virginia.

### Why customers stay

Margins ranged from 28.8% to 28.9% during 2023–25; it earns 26.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 28.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 28.9%.

- Source: https://www.sec.gov/Archives/edgar/data/890564/000089056426000013/asgn-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 28.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.20258650287398336],[2017,0.28311497921769835],[2018,0.24560520208888706],[2019,0.21800347100295284],[2020,0.20574622221700384],[2021,0.3004933657224424],[2022,0.2833642739273927],[2023,0.28924124097320264],[2024,0.2853905309380331],[2025,0.24029411818781865]]; median 0.2643600906532927. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 30% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/890564/000089056426000013/asgn-20251231.htm (filed 2026-02-25); Gross margin observations: [[2021,0.2849233071455294],[2022,0.2989674968893934],[2023,0.2876016716847167]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 170.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 27138000; owner earnings 132312000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 24265000; owner earnings 192014000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 0; upkeep 28701000; owner earnings 223980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 0; upkeep 32700000; owner earnings 233200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 0; upkeep 32600000; owner earnings 257400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 34700000; owner earnings 464800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 0; upkeep 37500000; owner earnings 322000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 39900000; owner earnings 279700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 35300000; owner earnings 236200000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/890564/000089056426000013/asgn-20251231.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 39800000; owner earnings 187200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/890564/000089056426000013/asgn-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 170100000 USD.

### Are managers owners

Insiders own 3.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); EFOR.US SharesStats.PercentInsiders = 3.373 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 7.3% yearly over ten years; actual growth was 7.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate -0.11488083073817662. Price 39.52; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.026752193189322 → FY2025 4.293577981651376. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $34.41 per share

- 2016-11: $41.29 per share

- 2016-12: $44.16 per share

- 2017-01: $45.28 per share

- 2017-02: $47.19 per share

- 2017-03: $48.53 per share

- 2017-04: $51.77 per share

- 2017-05: $52.40 per share

- 2017-06: $54.15 per share

- 2017-07: $49.25 per share

- 2017-08: $47.70 per share

- 2017-09: $53.68 per share

- 2017-10: $61.22 per share

- 2017-11: $63.96 per share

- 2017-12: $64.27 per share

- 2018-01: $76.57 per share

- 2018-02: $76.69 per share

- 2018-03: $81.88 per share

- 2018-04: $80.63 per share

- 2018-05: $77.00 per share

- 2018-06: $78.19 per share

- 2018-07: $90.30 per share

- 2018-08: $92.59 per share

- 2018-09: $78.93 per share

- 2018-10: $67.08 per share

- 2018-11: $69.25 per share

- 2018-12: $54.50 per share

- 2019-01: $62.99 per share

- 2019-02: $64.41 per share

- 2019-03: $63.49 per share

- 2019-04: $63.04 per share

- 2019-05: $50.73 per share

- 2019-06: $60.60 per share

- 2019-07: $63.05 per share

- 2019-08: $62.47 per share

- 2019-09: $62.86 per share

- 2019-10: $63.59 per share

- 2019-11: $67.01 per share

- 2019-12: $70.97 per share

- 2020-01: $67.69 per share

- 2020-02: $50.71 per share

- 2020-03: $35.32 per share

- 2020-04: $46.45 per share

- 2020-05: $61.59 per share

- 2020-06: $66.68 per share

- 2020-07: $68.46 per share

- 2020-08: $71.77 per share

- 2020-09: $63.56 per share

- 2020-10: $66.68 per share

- 2020-11: $78.18 per share

- 2020-12: $83.53 per share

- 2021-01: $82.91 per share

- 2021-02: $92.97 per share

- 2021-03: $95.44 per share

- 2021-04: $105.18 per share

- 2021-05: $103.09 per share

- 2021-06: $96.93 per share

- 2021-07: $101.13 per share

- 2021-08: $112.19 per share

- 2021-09: $113.14 per share

- 2021-10: $119.66 per share

- 2021-11: $121.68 per share

- 2021-12: $123.40 per share

- 2022-01: $114.87 per share

- 2022-02: $110.79 per share

- 2022-03: $116.71 per share

- 2022-04: $113.45 per share

- 2022-05: $95.23 per share

- 2022-06: $90.25 per share

- 2022-07: $103.76 per share

- 2022-08: $96.70 per share

- 2022-09: $90.37 per share

- 2022-10: $84.78 per share

- 2022-11: $90.60 per share

- 2022-12: $81.48 per share

- 2023-01: $90.95 per share

- 2023-02: $88.80 per share

- 2023-03: $82.67 per share

- 2023-04: $71.59 per share

- 2023-05: $65.43 per share

- 2023-06: $75.63 per share

- 2023-07: $76.32 per share

- 2023-08: $82.16 per share

- 2023-09: $81.68 per share

- 2023-10: $83.46 per share

- 2023-11: $89.24 per share

- 2023-12: $96.17 per share

- 2024-01: $92.82 per share

- 2024-02: $99.32 per share

- 2024-03: $104.76 per share

- 2024-04: $96.45 per share

- 2024-05: $93.91 per share

- 2024-06: $88.17 per share

- 2024-07: $94.67 per share

- 2024-08: $96.16 per share

- 2024-09: $93.23 per share

- 2024-10: $92.10 per share

- 2024-11: $91.55 per share

- 2024-12: $83.34 per share

- 2025-01: $88.21 per share

- 2025-02: $67.38 per share

- 2025-03: $63.02 per share

- 2025-04: $50.38 per share

- 2025-05: $52.81 per share

- 2025-06: $49.93 per share

- 2025-07: $50.14 per share

- 2025-08: $54.25 per share

- 2025-09: $47.35 per share

- 2025-10: $44.76 per share

- 2025-11: $45.01 per share

- 2025-12: $48.17 per share

- 2026-01: $52.09 per share

- 2026-02: $42.90 per share

- 2026-03: $38.71 per share

- 2026-04: $21.10 per share

- 2026-05: $22.68 per share

- 2026-06: $17.87 per share

- 2026-07: $28.44 per share

- 2026-08: $32.42 per share

- 2026-09: $32.90 per share

- 2026-10: $39.52 per share

## Annual estimated value (USD per share)

- FY2016: low $29.16 per share, central $36.10 per share, high $42.11 per share

- FY2017: low $31.88 per share, central $39.12 per share, high $45.62 per share

- FY2018: low $42.35 per share, central $52.76 per share, high $61.56 per share

- FY2019: low $53.64 per share, central $70.72 per share, high $82.69 per share

- FY2020: low $62.68 per share, central $84.86 per share, high $98.85 per share

- FY2021: low $78.77 per share, central $103.17 per share, high $119.42 per share

- FY2022: low $74.89 per share, central $93.43 per share, high $109.03 per share

- FY2023: low $77.23 per share, central $94.39 per share, high $109.76 per share

- FY2024: low $71.62 per share, central $81.12 per share, high $93.77 per share

- FY2025: low $64.58 per share, central $73.23 per share, high $84.74 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/890564/000089056426000013/asgn-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.