Forensic Analysis · General / Diversified · as of Jun 27, 2026
Quanex Building Products CORP (NX)
A forensic read on Quanex Building Products CORP built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.2
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-35.4%
ROE
$825M
Market cap
1.90%
Dividend yield
Quanex Building Products CORP earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 1.2, 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
-9%Return on invested capital.Return on invested capital is -9% and slipping from 17% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+13.0%/yrShare-count dilution.Diluted share count changed +39% over the last 3 years to FY2025 (+13.0%/yr). The count is GROWING — existing holders are being diluted. That's ~13.0% 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 ~39%.
$377MGoodwill impairments.Took $377M of goodwill writedowns across 2 year(s) (FY2019 ($75M), FY2025 ($302M)) — about 20527% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
Key fundamentals
Net Margin-13.6%
Debt / Equity0.95x
Free Cash Flow$102.3M
Latest Revenue$1.84B
Return on Equity-34.5%
Revenue Growth YoY+43.8%
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 Quanex Building Products CORP:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NX'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