National Presto Industries, Inc — Earnings Quality Grade F
NPK · Industrials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 62 days, change +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 29.7%, CFFO 82.9%. Cash follows revenue
Expense Quality
Inventory 10.4% vs COGS 36.7%. Normal
CapEx growth 259.0% is >2x revenue growth 29.7%
SG&A/Gross Profit = 44.7%. Normal
Gross margin 16.0%, change -4.3pp. Stable
Cash Flow Quality
CFFO/NI = -0.28. Only -28% of profit backed by cash
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF < 50% of Net Income for 2 years
Accruals ratio = 8.4%. Elevated
Cash $0.0B covers only 11% of debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Debt/EBITDA = 0.7x. Healthy
Insufficient data
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -7% YoY. Normal
Manipulation Score
M-Score = -1.78 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25