Forensic Analysis · General / Diversified · as of Jun 28, 2026
Quad/Graphics, Inc. (QUAD)
A forensic read on Quad/Graphics, Inc. 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
Distress
Financial health
-1.6
Altman Z-score
Clean
Earnings quality
3
Forensic signals
15.9
P / E (ttm)
25.0%
ROE
$435M
Market cap
4.36%
Dividend yield
Quad/Graphics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.6, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
44d DSOReceivables vs revenue.Days sales outstanding moved from 37 to 44 days FY2024→FY2025 (receivables +8% vs revenue -9%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
13%Return on invested capital.Return on invested capital is 13% and rising from 3% — around its ~9% cost of capital, so growth is roughly value-neutral — watch the trend.
-93%Dividend — cut.The payout was CUT ~93% in FY2023 (from FY2022). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin1.1%
Free Cash Flow$50.7M
Latest Revenue$2.42B
Revenue Growth YoY-9.4%
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 Quad/Graphics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about QUAD'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