Forensic Analysis · General / Diversified · as of Jun 27, 2026
BlueLinx Holdings Inc. (BXC)
A forensic read on BlueLinx Holdings Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
5.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-0.7%
ROE
$508M
Market cap
BlueLinx Holdings Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 5.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3%Return on invested capital.Return on invested capital is 3% and slipping from 33% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
0% of revStock-based comp load.Stock-based compensation ran 0% of revenue and 34% of free cash flow in FY2026 — about $1.40 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
+16.3%Accruals ratio.Net operating assets grew +16.3% relative to their average in FY2026 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -12% of net operating assets.
116% of FCFShareholder returns.Returned $38M to shareholders (buybacks + dividends) in FY2026 — 116% of free cash flow, but 64% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep.
Key fundamentals
Net Margin0.0%
Debt / Equity0.50x
Free Cash Flow$32.9M
Latest Revenue$2.95B
Return on Equity0.0%
Revenue Growth YoY+0.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on BlueLinx Holdings Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about BXC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown