Construction Partners, Inc. — Earnings Quality Grade F
ROAD · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 71 days, change +1 days YoY
AR growth 56.7% vs revenue growth 54.2%
Revenue 54.2%, CFFO 39.3%. Cash follows revenue
Expense Quality
Inventory 45.4% vs COGS 51.6%. Normal
CapEx growth 56.9% vs revenue 54.2%. Normal
SG&A/Gross Profit = 45.4%. Normal
Gross margin 15.6%, change +1.5pp. Stable
Cash Flow Quality
CFFO/NI = 2.86. Profits backed by cash
FCF $0.2B, FCF/NI = 1.51
Accruals ratio = -5.9%. Low accruals
Cash $0.2B covers only 9% of debt $1.7B
Balance Sheet Health
Goodwill+Intangibles $1.0B = 112% of equity. Over 50%
Debt/EBITDA = 4.5x (>4x). Financial stress
Other assets 83.2% vs revenue 54.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles surged 305% YoY
Manipulation Score
M-Score = -2.01 (grey zone)
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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