Forensic Analysis · Primary Metals & Steel · as of Nov 9, 2026
Carpenter Technology Corp (CRS)
A forensic read on Carpenter Technology Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
7.0
Distress distance
Clean
Earnings quality
2
Forensic signals
25.8%
ROE
8.6%
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.
Carpenter Technology Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 7.0, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+10.8%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +10.8% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +22% against revenue +9% and PP&E up +9% against revenue +9%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 10.8%. 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.
$14M
FY2024
Goodwill impairments.Took $14M of goodwill writedowns across 1 year (FY2024 ($14M)) — about 8% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$3.12B
Revenue Growth YoY+8.6%
Revenue CAGR (2yr)+6.4%
Net Margin17.0%
Free Cash Flow$362.3M
Return on Equity25.8%
Debt / Equity0.31x
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 Carpenter Technology Corp's actual 10-K/10-Q/8-K filings?