Capstone Energy Plus, Inc. (CEPL) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Jul 11, 2026
Capstone Energy Plus, Inc. (CEPL)
A forensic read on Capstone Energy Plus, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-29.0
Altman Z-score
Watch
Earnings quality
5
Forensic signals
$330M
Market cap
Capstone Energy Plus, Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -29.0, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-7.43×Cash conversion.Over FY2024–FY2026, operating cash flow was -7.43× cumulative net income. Reported profit is not turning into cash — a classic earnings-quality warning. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+106.9%Accruals ratio.Net operating assets grew +106.9% relative to their average in FY2026 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables (up +83% on the year) and inventory (up +33% on the year). The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 16% of net operating assets.
+6.6%/yrShare-count dilution.Diluted share count changed +21% over the last 3 years to FY2026 (+6.6%/yr). The count is GROWING — existing holders are being diluted. That's ~6.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~17%.
34d DSOReceivables vs revenue.Days sales outstanding moved from 30 to 34 days FY2025→FY2026 (receivables +83% vs revenue +24%). Receivables are creeping up relative to sales — watch the trend.
8%Return on invested capital.Return on invested capital is 8% in the latest fiscal year and rising from -74% — around its ~9% cost of capital, so growth is roughly value-neutral — watch the trend.
Key fundamentals
Latest Revenue$106.0M
Revenue Growth YoY+23.9%
Revenue CAGR (3yr)+12.8%
Net Margin2.7%
Free Cash Flow$-3.4M
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 Capstone Energy Plus, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CEPL'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