Conventional and reverse depth profile analysis of electrodeposited Fe–Co–Ni alloys was performed by secondary neutral mass spectrometry (SNMS). It was found that the reverse sputtering method gave a much better depth resolution at the vicinity of the substrate. The reverse SNMS spectra showed that the deposition of Fe–Co–Ni alloys starts with the formation of an Fe-rich zone followed by an increase in Co concentration, then the nickel content increases and a steady-state alloy composition is achieved. At high current density, the initial depth pattern reproduces itself twice before the composition becomes stable. It was concluded that the varying depth profile is a consequence of the anomalous nature of the codeposition of the alloy components, the depletion of the electrolyte with respect to the metal salts, and the dependence of the intensity of the hydrogen evolution on the deposit surface composition.