Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Ducommun Inc /De/ (DCO)
A forensic read on Ducommun Inc /De/ 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
9.3
Distress distance
Clean
Earnings quality
5
Forensic signals
-108.9
P / E (ttm)
-5.6%
ROE
$3.0B
Market cap
0.00%
Dividend yield
4.9%
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 (red flags, auditor quality, say on pay, board independence). 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.
Ducommun Inc /De/ earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 9.3, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-2.9%
FY2025
Return on invested capital.Return on invested capital is -2.9% in the latest fiscal year and slipping from 4% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+6.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +21% over the last 3 years to FY2025 (+6.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.5% 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 FY2022 has been diluted ~17%.
stopped
FY2011→FY2013
Shareholder returns — halted.Capital returns have STOPPED — $790,000 of buybacks + dividends in FY2011, but ~$0 in FY2013. A halt usually means the company is conserving cash.
suspended
FY2011→FY2013
Dividend — suspended.The dividend has been SUSPENDED — $790,000 paid in FY2011, then $0 in FY2013. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue in FY2025 — about $1.90 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 6.7% a year and is falling.
Key fundamentals
Latest Revenue$824.8M
Revenue Growth YoY+4.9%
Revenue CAGR (3yr)+5.0%
Net Margin-4.5%
Free Cash Flow-$48.6M
Return on Equity-5.6%
Debt / Equity0.46x
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 Ducommun Inc /De/'s actual 10-K/10-Q/8-K filings?