American Vanguard Corporation — Earnings Quality Grade F
AVD · Basic Materials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 114 days, change +1 days YoY
AR growth -5.4% vs revenue growth -5.9%
Revenue -5.9%, CFFO -640.2%. Cash follows revenue
Expense Quality
Inventory -1.8% vs COGS -13.9%. Normal
CapEx growth -46.9% vs revenue -5.9%. Normal
SG&A/Gross Profit = 66.8%. Normal
Gross margin swung +6.7pp (22.0% → 28.6%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -4.8%. Low accruals
Cash $0.0B covers only 6% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 72% of equity. Over 50%
Interest coverage = 0.8x (<2x). Financial stress
Other assets grew 74.5% vs revenue -5.9%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -18% YoY. Normal
Manipulation Score
M-Score = -2.92 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25