Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 2026
Construction Partners, Inc. (ROAD)
A forensic read on Construction Partners, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.0
Distress distance
Clean
Earnings quality
4
Forensic signals
37.6
P / E (ttm)
11.2%
ROE
$5.4B
Market cap
54.2%
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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.
Construction Partners, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+80.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +80.2% 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 sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +83% against revenue +54% and inventory up +45% against +52% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 11% of net operating assets, against an accruals ratio of 80.2%. 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.
+2.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +6% over the last 2 years to FY2025 (+2.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.9% 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 FY2023 has been diluted ~6%.
1.3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.3% of revenue and 24% of free cash flow in FY2025 — about $0.67 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.0% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$2.81B
Revenue Growth YoY+54.2%
Revenue CAGR (2yr)+34.1%
Net Margin3.6%
Free Cash Flow$153.4M
Return on Equity11.2%
Debt / Equity1.77x
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 Construction Partners, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Construction Partners, Inc. (ROAD) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
6.7%
FY2025
Return on invested capital.Return on invested capital is 6.7% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.8-point range. After-tax operating profit was $61M in FY2023 and $170M in FY2025, with operating income at 5.2% of revenue in FY2023, 6.1% in FY2024 and 8.0% in FY2025. The capital base behind it grew +180% across FY2023–FY2025, from $907M to $2.5B, while the return fell 0.1 points, so the dollars added over that window earned less than the 6.8% the older base was already earning.