Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 8, 2026
Crane Co (CR)
A forensic read on Crane Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
6.8
Distress distance
Clean
Earnings quality
4
Forensic signals
19.8%
ROE
8.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Crane Co earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+51.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +51.9% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $11.9M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 1% of net operating assets, against an accruals ratio of 51.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
0.89×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.89× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
13.9%
FY2025
Return on invested capital.Return on invested capital is 13.9% in the latest fiscal year, against 12.2% in FY2023, having run between 12.2% and 16.8% across FY2023–FY2025 with no direction held. After-tax operating profit was $189M in FY2023 and $325M in FY2025, with operating income at 13.4% of revenue in FY2023, 16.7% in FY2024 and 18.4% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
-19%
FY2023→FY2024
Dividend — cut.The payout was CUT ~19% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$2.31B
Revenue Growth YoY+8.2%
Revenue CAGR (2yr)+11.3%
Net Margin15.9%
Free Cash Flow$341.3M
Return on Equity19.8%
Debt / Equity0.56x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Crane Co's actual 10-K/10-Q/8-K filings?