Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.7
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-5.1%
ROE
$2.7B
Market cap
DUCOMMUN INC /DE/ earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 4.7, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3%Return on invested capital.Return on invested capital is -3% and slipping from 4% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+6.9%/yrShare-count dilution.Diluted share count changed +21% over the last 3 years to FY2025 (+6.9%/yr). The count is GROWING — existing holders are being diluted. That's ~6.9% 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 ~21%.
suspendedDividend — suspended.The dividend has been SUSPENDED — $790,000 paid in FY2011, then $0 in FY2013. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
55d DSOReceivables vs revenue.Days sales outstanding moved from 51 to 55 days FY2024→FY2025 (receivables +13% vs revenue +5%). Receivables are creeping up relative to sales — watch the trend.
Key fundamentals
Net Margin-4.5%
Debt / Equity0.46x
Free Cash Flow$-48.6M
Latest Revenue$824.8M
Return on Equity-5.6%
Revenue Growth YoY+4.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on DUCOMMUN INC /DE/:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about DCO's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown