Virco Manufacturing Corporation — Earnings Quality Grade F
VIRC · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 25 days, change +7 days YoY
AR growth 4.5% vs revenue growth -25.0%
Revenue -25.0%, CFFO -102.5%. Cash follows revenue
Expense Quality
Inventory growth 2.0% exceeds COGS -21.9%
CapEx growth -7.0% vs revenue -25.0%. Normal
SG&A/Gross Profit = 93.6%, exceeds 70%
Gross margin 40.7%, change -2.4pp. Stable
Cash Flow Quality
CFFO/NI = -0.33. Only -33% of profit backed by cash
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = 2.0%. Low accruals
Cash $0.0B covers only 36% of debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 4.1x (>4x). Financial stress
Other assets -57.9% vs revenue -25.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.42 (< -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