B

Rogers Corporation — Earnings Quality Grade B

ROG · Technology

Generally healthy

Revenue
$811M
2025
Net Income
-$62M
2025
Gross Margin
31.7%
Free Cash Flow
$71M
01

Screening Summary

15
Passed
2
Watch
0
Failed
-3.06
M-Score

Management Signals

View all →
Routine2026-03-03
Michael Webb · Senior Vice PresidentDeparture
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 54 days, change -0 days YoY

A2AR vs Revenue Growth

AR growth -3.0% vs revenue growth -2.3%

A3Revenue vs CFFO

Revenue -2.3%, CFFO -20.4%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -12.2% vs COGS 0.2%. Normal

B2CapEx vs Revenue

CapEx growth -46.3% vs revenue -2.3%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 68.8%. Normal

B4Gross Margin

Gross margin 31.7%, change -1.7pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -1.64. Below 1.0

C2Free Cash Flow

FCF $0.1B, FCF/NI = -1.15

C3Accruals Ratio

Accruals ratio = -11.4%. Low accruals

C4Cash vs Debt

Cash $0.2B covers debt $0.0B

04

Balance Sheet Health

!
D1Goodwill + Intangibles

Goodwill+Intangibles $0.4B = 34% of equity

D2Leverage

Debt/EBITDA = 2.1x. Healthy

D3Soft Asset Growth

Other assets -0.5% vs revenue -2.3%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -14% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.06 (< -2.22). Unlikely manipulator

04

Beneish M-Score

Manipulation Probability-3.06
-4.0 Clean-2.22 Grey-1.78 Danger0
0.993
DSRI
AR growing faster than revenue?
1.054
GMI
Gross margin declining?
0.932
AQI
Asset quality deteriorating?
0.977
SGI
Revenue growth rate
0.925
DEPI
Depreciation slowing?
0.935
SGAI
SG&A ratio changing?
-0.114
TATA
Accruals level
1.058
LVGI
Leverage increasing?
05

Altman Z-Score

9.42
Safe Zone
0 Distress1.102.605.0+ Safe
0.2615
Liquidity
0.7828
Cumulative profit
-0.0307
Operating efficiency
5.1055
Leverage

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