Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 8, 2026
Cvd Equipment Corp (CVV)
A forensic read on Cvd Equipment Corp 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
11.5
Distress distance
Watch
Earnings quality
2
Forensic signals
-6.3%
ROE
-4.1%
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.
Cvd Equipment Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 11.5, 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
+21.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +21.5% 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. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 14% of net operating assets, against an accruals ratio of 21.5%. 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.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.
-10.3%
FY2025
Return on invested capital.Return on invested capital is -10.3% in the latest fiscal year and rising across FY2023–FY2025 from -30.8%. After-tax operating profit was ($4M) in FY2023 and ($2M) in FY2025, with operating income at -20.2% of revenue in FY2023, -9.0% in FY2024 and -7.4% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: long-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.
Key fundamentals
Latest Revenue$25.8M
Revenue Growth YoY-4.1%
Revenue CAGR (2yr)+3.4%
Net Margin-6.1%
Free Cash Flow-$3.7M
Return on Equity-6.3%
Debt / Equity0.01x
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 Cvd Equipment Corp's actual 10-K/10-Q/8-K filings?