Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 12, 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.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
11.5
Distress distance
Watch
Earnings quality
4
Forensic signals
-6.4%
ROE
-4.1%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 11.5, placing it in the Safe zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 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.
-9.3%
FY2025
Return on invested capital.Return on invested capital is -9.3% in the latest fiscal year and steady — well below its ~9% cost of capital, and it has been across FY2018–FY2025, so reinvested dollars have not been earning their keep.
32d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 28 to 32 days FY2024→FY2025 (receivables +8% vs revenue -4%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 28 → 37 → 43 → 28 → 32 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-75%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
+0.7%/yr
FY2022–FY2025
Share count.Diluted share count changed +2% over the last 3 years to FY2025 (+0.7%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$25.8M
Revenue Growth YoY-4.1%
Revenue CAGR (3yr)-0.0%
Net Margin-6.1%
Free Cash Flow-$3.7M
Return on Equity-6.4%
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?