Quad Graphics, Inc — Earnings Quality Grade F
QUAD · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 44 days, change +7 days YoY
AR growth 7.9% vs revenue growth -9.4%
Revenue -9.4%, CFFO -15.1%. Cash follows revenue
Expense Quality
Inventory -11.6% vs COGS -9.3%. Normal
CapEx growth -21.0% vs revenue -9.4%. Normal
SG&A/Gross Profit = 62.3%. Normal
Gross margin 21.6%, change -0.1pp. Stable
Cash Flow Quality
CFFO/NI = 3.55. Profits backed by cash
FCF $0.1B, FCF/NI = 1.88
Accruals ratio = -5.5%. Low accruals
Cash $0.1B covers only 14% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 94% of equity. Over 50%
Debt/EBITDA = 2.7x. Healthy
Other assets -19.1% vs revenue -9.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 13% YoY. Normal
Manipulation Score
M-Score = -2.59 (< -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