Forensic Analysis · Construction Materials · as of Nov 10, 2026
Owens Corning (OC)
A forensic read on Owens Corning 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
2.1
Distress distance
Clean
Earnings quality
3
Forensic signals
-11.7%
ROE
2.6%
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 (auditor quality, say on pay, board independence, going concern). 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.
Owens Corning earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.1, 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
2.2%
FY2025
Return on invested capital.Return on invested capital is 2.2% in the latest fiscal year and slipping across FY2023–FY2025 from 16.6%. After-tax operating profit was $1.2B in FY2023 and $234M in FY2025, with operating income at 19.6% of revenue in FY2023, 15.0% in FY2024 and 3.6% in FY2025. The capital base behind it grew +47% across FY2023–FY2025, from $7.3B to $10.8B, while the return fell 14.4 points, so the dollars added over that window earned less than the 16.6% the older base was already earning. FY2025's operating profit carried a $1.1B goodwill write-off and a $39M asset write-down that alone took about 7.1 points off that year's return, so about 7.1 of the 14.4-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.
109% of FCF
FY2025
Shareholder returns.Returned $1.0B to shareholders (buybacks + dividends) in FY2025 — 109% of free cash flow. That is $85M (9%) more than free cash flow covered. Over FY2025 cash rose $24M and total debt fell $376M, so neither line funded the gap. The FY2025 cash-flow statement filed $29M of debt repaid; net cash used in investing activities of $765M; net cash used in financing activities of $1.1B. That ratio has been CLIMBING past free cash flow — 71% of free cash flow two years back — not just sitting there. Counting the $71M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 116%.
$1.1B
FY2025
Goodwill impairments.Took $1.1B of goodwill writedowns across 1 year (FY2025 ($1.1B)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$10.10B
Revenue Growth YoY+2.6%
Revenue CAGR (2yr)+9.9%
Net Margin-5.2%
Free Cash Flow$962.0M
Return on Equity-11.7%
Debt / Equity1.23x
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 Owens Corning's actual 10-K/10-Q/8-K filings?