Winnebago Industries, Inc. — Earnings Quality Grade F
WGO · 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 +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -5.9%, CFFO -10.4%. Cash follows revenue
Expense Quality
Inventory -9.6% vs COGS -4.2%. Normal
CapEx growth -12.4% vs revenue -5.9%. Normal
SG&A/Gross Profit = 78.3%, exceeds 70%
Gross margin 13.0%, change -1.5pp. Stable
Cash Flow Quality
CFFO/NI = 5.02. Profits backed by cash
FCF $0.1B, FCF/NI = 3.48
Accruals ratio = -4.8%. Low accruals
Cash $0.2B covers only 30% of debt $0.6B
Balance Sheet Health
Goodwill+Intangibles $0.9B = 77% of equity. Over 50%
Debt/EBITDA = 5.0x (>4x). Financial stress
Other assets 12.8% vs revenue -5.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.55 (< -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