Forensic Analysis · General / Diversified · as of Jun 28, 2026

Magnera Corp (MAGN)

A forensic read on Magnera 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

Grey Zone

Financial health

1.6

Altman Z-score

Clean

Earnings quality

Forensic signals

-10.3%

ROE

$448M

Market cap

Magnera Corp earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.6, placing it in the Grey zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.

What the filings flag

+34.7%Accruals ratio. Net operating assets grew +34.7% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -11% of net operating assets.

60dInventory days. Days inventory outstanding moved from 48 to 60 FY2024→FY2025 (against cost of goods sold; inventory +83% vs +47% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.

0%Return on invested capital. Return on invested capital is 0% and rising from -11% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

1% of revStock-based comp load. Stock-based compensation ran 1% of revenue and 53% of free cash flow in FY2025 — about $0.54 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.

stoppedShareholder returns — halted. Capital returns have STOPPED — $19M of buybacks + dividends in FY2022, but ~$0 in FY2023. A halt usually means the company is conserving cash; understand why before reading it as neutral.

suspendedDividend — suspended. The dividend has been SUSPENDED — $19M paid in FY2022, then $0 in FY2023. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.

Key fundamentals

Net Margin-5.0%

Debt / Equity1.84x

Free Cash Flow$36.0M

Latest Revenue$3.20B

Return on Equity-14.9%

Revenue Growth YoY+46.5%

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Data from SEC EDGAR public filings · metrics as of Jun 28, 2026. Forensic signals flag probability, not certainty.