Forensic Analysis · Materials / Mining & Chemicals · as of Sep 25, 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.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
1.4
Distress distance
Clean
Earnings quality
3
Forensic signals
-3.7
P / E (ttm)
-14.9%
ROE
$423M
Market cap
0.00%
Dividend yield
46.5%
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, 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.
Magnera Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 1.4, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
0.1%
FY2025
Return on invested capital.Return on invested capital is 0.1% in the latest fiscal year, against 0.2% in FY2023, having run between -5.3% and 0.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $2M in FY2023 and $4M in FY2025, with operating income at 0.2% of revenue in FY2023, -6.4% in FY2024 and 0.2% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-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. FY2023's operating profit carried a $24M restructuring charge that took about 1.5 points off that year's return, and FY2025's carried a $89M restructuring charge that took about 2.3 points off the latest; so, net of each other, the two charges take about 0.8 points off the -0.1-point change across FY2023–FY2025. FY2024's operating profit carried a $172M asset write-down, a $171M goodwill write-off and a $30M restructuring charge that alone took about 13.9 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
+34.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +34.7% 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, and much of it is accounted for. The build is led by inventory up +83% against +47% in cost of sales and receivables up +45% against revenue +47%. That build tracks a +47% revenue year: net operating assets grew +42% and receivables +45%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 11% of net operating assets, against an accruals ratio of 34.7%. 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. Read them as two results, not one.
Key fundamentals
Latest Revenue$3.20B
Revenue Growth YoY+46.5%
Revenue CAGR (2yr)+61.8%
Net Margin-5.0%
Free Cash Flow$36.0M
Return on Equity-14.9%
Debt / Equity1.83x
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 Magnera Corp's actual 10-K/10-Q/8-K filings?
Goodwill impairments.Took $171M of goodwill writedowns across 1 year (FY2024 ($171M)). Writedowns mean past acquisitions underperformed what was paid for them.