Forensic Analysis · General / Diversified · as of Nov 8, 2026
Cpi Card Group Inc. (PMTS)
A forensic read on Cpi Card Group Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality compounder
Forensic grade
Clean
Earnings quality
1
Forensic signals
13.1%
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.
Cpi Card Group Inc. earns an A (High-quality compounder) forensic quality grade. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+11.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +11.6% 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 faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $9.7M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +12% against revenue +13%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 19% of net operating assets, against an accruals ratio of 11.6%. 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$543.5M
Revenue Growth YoY+13.1%
Revenue CAGR (2yr)+10.6%
Net Margin2.8%
Free Cash Flow$41.3M
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