Forensic Analysis · Industrials / Manufacturing / Defense · as of Jul 10, 2026
FreightCar America, Inc. (RAIL)
A forensic read on FreightCar America, 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
0.1
Altman Z-score
Clean
Earnings quality
6
Forensic signals
9.3
P / E (ttm)
-8.8%
ROE
$270M
Market cap
FreightCar America, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 0.1, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+10.8%/yrShare-count dilution.Diluted share count changed +36% over the last 3 years to FY2025 (+10.8%/yr). The count is GROWING — existing holders are being diluted. That's ~10.8% 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 ~26%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $28M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash; understand why before reading it as neutral.
suspendedDividend — suspended.The dividend has been SUSPENDED — $28M paid in FY2024, then $0 in FY2025. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
61dInventory days.Days inventory outstanding moved from 56 to 61 FY2024→FY2025 (against cost of goods sold; inventory -9% vs -13% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
13%Return on invested capital.Return on invested capital is 13% in the latest fiscal year and rising from -9% — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.
$22MGoodwill impairments.Took $22M of goodwill writedowns across 1 year (FY2019 ($22M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Latest Revenue$501.0M
Revenue Growth YoY-10.4%
Net Margin7.6%
Free Cash Flow$14.5M
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 FreightCar America, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RAIL'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