A

Calavo Growers, Inc. — Earnings Quality Grade A

CVGW · Consumer Defensive

Strong financial health

Revenue
$648M
2025
Net Income
$20M
2025
Gross Margin
9.8%
Free Cash Flow
$19M
01

Screening Summary

17
Passed
0
Watch
0
Failed
-2.56
M-Score

Management Signals

View all →
Watch2026-01-15
James Snyder · Chief Financial OfficerResignation
CFO resignation
SEC
Routine2026-01-15
Chief Operating · directorAppointment
Standard appointment
SEC
Routine2025-11-25
Mike Browne · Executive Vice PresidentAppointment
Standard appointment
SEC
High Risk2025-11-13
Lee E. Cole · PresidentAppointment
2 senior leadership changes within 90 days
SEC
Routine2025-11-13
John Lindeman · directorDeparture
SEC

Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available

02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 18 days, change -5 days YoY

A2AR vs Revenue Growth

AR growth -24.5% vs revenue growth -2.0%

A3Revenue vs CFFO

Revenue -2.0%, CFFO -11.8%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -1.6% vs COGS -1.5%. Normal

B2CapEx vs Revenue

CapEx growth -25.6% vs revenue -2.0%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 66.1%. Normal

B4Gross Margin

Gross margin 9.8%, change -0.4pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.09. Profits backed by cash

C2Free Cash Flow

FCF $0.0B, FCF/NI = 0.98

C3Accruals Ratio

Accruals ratio = -0.6%. Low accruals

C4Cash vs Debt

Cash $0.1B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 5% of equity. Manageable

D2Leverage

Debt/EBITDA = 0.7x. Healthy

D3Soft Asset Growth

Other assets -24.5% vs revenue -2.0%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 0% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.56 (< -2.22). Unlikely manipulator

04

Beneish M-Score

Manipulation Probability-2.56
-4.0 Clean-2.22 Grey-1.78 Danger0
0.77
DSRI
AR growing faster than revenue?
1.044
GMI
Gross margin declining?
1.134
AQI
Asset quality deteriorating?
0.98
SGI
Revenue growth rate
1.249
DEPI
Depreciation slowing?
0.858
SGAI
SG&A ratio changing?
-0.006
TATA
Accruals level
0.851
LVGI
Leverage increasing?
05

Altman Z-Score

5.49
Safe Zone
0 Distress1.102.605.0+ Safe
0.3044
Liquidity
0.0953
Cumulative profit
0.0878
Operating efficiency
2.4727
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25