Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Arts WAY Manufacturing Co. Inc.ARTW · manufacturing | |
|---|---|
| Grade |  Dfourth fifth of 255 graded peers; percentile 66.9, sampling error 3.0 points; lower is stronger |
| Rank | 171 of 255 |
| Profitability | Cpercentile 56.9 |
| Solvency | Cpercentile 47.7 |
| Growth and financing | C/Dpercentile 58.7 |
| Reliability | 0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025 |
| Peer failure rate | 1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $12.5M to $120M assetstotal assets $22.5M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: short runway, distress |
| Inputs computable | 11 of 14 |
| Graded from | filings received through Feb 12, 2026239 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $3.012026-09-02; market equity $15.7M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 12, 2026; the document on sec.gov.
” and “Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS,” but they may appear in other sections as well. You should read this report thoroughly with the understanding that our actual results may differ materially from those set forth in the forward-looking statements for many reasons, including events beyond our control and assumptions that prove to be inaccurate or unfounded. We cannot provide any assurance with respect to our future performance or results.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 56.9 | |||||||
| Gross profitability | 27.9% | [1,3] | 21.9% | 25.5 | 275 | 2025-11-30 | |
| Return on invested capital | 1.4% | [4-12] | 9.7% | 85.9 | 100 | 2025-11-30 | |
| Accruals ratio | 8.9% | [1,13-15] | (3.6%) | 96.7 | 308 | 2025-11-30 | |
| Gross margin stability, five years | 1.2 pts | [2-3,16-23] | 2.1 pts | 19.3 | 229 | 2025-11-30 | |
| Solvency, sleeve percentile 47.7 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| liabilities and a nearby cover-page share count are required at 2025-11-30 | |||||||
| Altman Z double-prime | 5.26 | [1,4,8,24-27] | 3.66 | 27.2 | 244 | 2025-11-30 | |
| Net debt to EBITDA | 2.30x | [4,7,9,28] | 1.78x | 67.5 | 121 | 2025-11-30 | |
| Interest coverage | not computable | 5.09x | |||||
| latest aligned inputs end 2023-11-30; latest annual assets end 2025-11-30 | |||||||
| Current ratio | 2.30x | [24-25] | 2.25x | 48.5 | 325 | 2025-11-30 | |
| Growth and financing, sleeve percentile 58.7 | |||||||
| Revenue growth, three-year compound | (3.6%) | [2,17,19,21] | 2.1% | 75.4 | 269 | 2025-11-30 | |
| Free cash flow growth, three-year compound | not computable | 13.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | 809.4% | [4-6,24-25,28-31] | 26.4% | 2.2 | 139 | 2025-11-30 | |
| Asset growth, three years | (2.1%) | [1,15,32-33] | 4.4% | 75.5 | 279 | 2025-11-30 | |
| Net share issuance, one year | 1.9% | [34-35] | 0.01% | 81.8 | 243 | 2026-02-04 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.097; sampling error 3.0 percentile points on 255 peers.
Among 255 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 166 | Manitowoc Co. Inc. (MTW) Manitowoc Co. Inc. (MTW) Dfourth fifth; percentile 65.0 NYSE · Construction Machinery & Equip market equity $783.3M; last close $21.75 No active warnings; 10 of 14 inputs | 65.0 | D | |
| 167 | Helios Technologies, Inc. (HLIO) Helios Technologies, Inc. (HLIO) Dfourth fifth; percentile 65.4 NYSE · Miscellaneous Fabricated Metal Products market equity $2.2B; last close $67.91 No active warnings; 12 of 14 inputs | 65.4 | D | |
| 168 | Insteel Industries Inc. (IIIN) Insteel Industries Inc. (IIIN) Dfourth fifth; percentile 65.7 NYSE · Steel Works, Blast Furnaces & Rolling & Finishing Mills market equity $571.1M; last close $29.67 No active warnings; 7 of 14 inputs | 65.7 | D | |
| 169 | Chicago Rivet & Machine Co. (CVR) Chicago Rivet & Machine Co. (CVR) Dfourth fifth; percentile 66.1 NYSE · Metalworkg Machinery & Equipment market equity $11.2M; last close $10.20 Warnings: fortress balance sheet; 8 of 14 inputs | 66.1 | D | fortress balance sheet |
| 170 | Sylvamo Corp. (SLVM) Sylvamo Corp. (SLVM) Dfourth fifth; percentile 66.5 NYSE · Paper Mills market equity $1.3B; last close $32.64 No active warnings; 8 of 14 inputs | 66.5 | D | |
| 171 | Arts WAY Manufacturing Co. Inc. (ARTW) Arts WAY Manufacturing Co. Inc. (ARTW) Dfourth fifth; percentile 66.9 Nasdaq · Farm Machinery & Equipment market equity $19.1M; last close $3.01 No active warnings; 11 of 14 inputs | 66.9 | D | |
| 172 | Graham Corp. (GHM) Graham Corp. (GHM) Dfourth fifth; percentile 67.3 NYSE · General Industrial Machinery & Equipment market equity $957.2M; last close $81.54 Warnings: fortress balance sheet; 10 of 14 inputs | 67.3 | D | fortress balance sheet |
| 173 | Park Ohio Holdings Corp. (PKOH) Park Ohio Holdings Corp. (PKOH) Dfourth fifth; percentile 67.7 Nasdaq · Metal Forgings & Stampings market equity $702.0M; last close $49.01 No active warnings; 8 of 14 inputs | 67.7 | D | |
| 174 | Hyster-Yale, Inc. (HY) Hyster-Yale, Inc. (HY) Dfourth fifth; percentile 68.1 NYSE · Industrial Trucks, Tractors, Trailors & Stackers last close $32.47 No active warnings; 9 of 14 inputs | 68.1 | D | |
| 175 | Latham Group, Inc. (SWIM) Latham Group, Inc. (SWIM) Dfourth fifth; percentile 68.5 Nasdaq · Plastics Products, NEC market equity $712.9M; last close $6.06 No active warnings; 9 of 14 inputs | 68.5 | D | |
| 176 | Quad/Graphics, Inc. (QUAD) Quad/Graphics, Inc. (QUAD) Dfourth fifth; percentile 68.9 NYSE · Commercial Printing last close $9.48 No active warnings; 12 of 14 inputs | 68.9 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C | 53.4 | 2204 |
| sector peers, equal sleeves (the grade) | D | 66.9 | 255 |
| same exchange, equal sleeves | C | 51.2 | 1219 |
| sector peers, equal inputs | D | 68.1 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-09-02 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 11.3% | 13.7% | 48 | hotter than 48 of 100 peers |
| Distance from 52-week high | 0.0% | (24.3%) | 98 | closer to its high than 98 of 100 peers |
| EBIT to enterprise value | 1.3% | 4.1% | 26 | pricier than 74 of 100 peers |
| Free cash flow yield | (8.0%) | 3.4% | 10 | pricier than 90 of 100 peers |
| Book value to price | 0.72 | 0.34 | 79 | pricier than 21 of 100 peers |
| Sales to price | 1.20 | 0.54 | 76 | pricier than 24 of 100 peers |
| Composite equity issuance, five years | 14.0% | (9.5%) | 78 | more equity-funded than 78 of 100 peers |
| Relative strength against the sector, log excess return | (0.03) | (0.00) | 48 | ahead of 48 of 100 peers |
Inputs: market equity $19.1M; EBIT $289,455; free cash flow -$1.5M; book equity $13.8M; sales $23.0M; debt $2.4M; cash $5,969[36].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 4 of 9, period end 2025-11-30 | ||
|---|---|---|
| Return on assets above zero | 4.9% | ✓ pass[13,15] |
| Operating cash flow above zero | -$904,143 | ✗ fail[14] |
| Return on assets improved | 3.6 pts | ✓ pass[13,15,32,37] |
| Operating cash flow exceeds net income | -$1.9M | ✗ fail[13-14] |
| Long-term leverage fell | 2.0 pts | ✗ fail[1,15,32,38-39] |
| Current ratio improved | 31.7 pts | ✓ pass[24-25,30-31] |
| No new shares issued | 1.9% | ✗ fail[34-35] |
| Gross margin improved | (2.6 pts) | ✗ fail[2-3,16-17] |
| Asset turnover improved | 7.8 pts | ✓ pass[2,15,17,32] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $5,969[40] |
| Operating cash flow, four quarters | -$1.6M[14,40-44] |
| Months of runway | not finite |
| cash must be at least $100,000 | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 86 |
| 10-Q received Jul 15, 2026 | |
| Median daily dollar volume | $37,713 |
| 63 sessions | |
| Days since newest grade input | 239 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $22.5M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $23.0M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $6.3M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 4 | operating income | us-gaap:OperatingIncomeLoss | $289,455 | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 5 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $1.4M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 6 | income tax | us-gaap:IncomeTaxExpenseBenefit | $402,178 | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 7 | total debt | us-gaap:LongTermDebt | $2.5M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 8 | book equity | us-gaap:StockholdersEquity | $13.3M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 9 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $4,849 | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebt | $2.1M | 2024-11-30 | 2025-02-18 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $12.1M | 2024-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1,860 | 2024-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:NetIncomeLoss | $1.0M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$904,143 | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $21.2M | 2024-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 16 | gross profit | us-gaap:GrossProfit | $7.3M | 2024-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:Revenues | $24.5M | 2024-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 18 | gross profit | us-gaap:GrossProfit | $8.6M | 2023-11-30 | 2025-02-18 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:Revenues | $30.3M | 2023-11-30 | 2025-02-18 | 10-K | filing · viewer · series |
| 20 | gross profit | us-gaap:GrossProfit | $6.9M | 2022-11-30 | 2024-02-28 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:Revenues | $25.6M | 2022-11-30 | 2024-02-28 | 10-K | filing · viewer · series |
| 22 | gross profit | us-gaap:GrossProfit | $6.6M | 2021-11-30 | 2023-02-16 | 10-K | filing · viewer · series |
| 23 | revenue | us-gaap:Revenues | $25.0M | 2021-11-30 | 2023-02-16 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $14.8M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $6.4M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 26 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $8.4M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 27 | liabilities | us-gaap:Liabilities | $9.2M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 28 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $792,112 | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 29 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $627,615 | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 30 | current assets | us-gaap:AssetsCurrent | $13.1M | 2024-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 31 | current liabilities | us-gaap:LiabilitiesCurrent | $6.6M | 2024-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 32 | assets | us-gaap:Assets | $24.4M | 2023-11-30 | 2025-02-18 | 10-K | filing · viewer · series |
| 33 | assets | us-gaap:Assets | $23.9M | 2022-11-30 | 2024-02-28 | 10-K | filing · viewer · series |
| 34 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 5,177,084 | 2026-02-04 | 2026-02-12 | 10-K | filing · viewer · series |
| 35 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 5,082,459 | 2025-02-04 | 2025-02-18 | 10-K | filing · viewer · series |
| 36 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 5,201,386 | 2026-06-22 | 2026-07-15 | 10-Q | filing · viewer · series |
| 37 | net income | us-gaap:NetIncomeLoss | $307,375 | 2024-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 38 | long term debt | us-gaap:LongTermDebtNoncurrent | $2.3M | 2025-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 39 | long term debt | us-gaap:LongTermDebtNoncurrent | $2.0M | 2024-11-30 | 2026-02-12 | 10-K | filing · viewer · series |
| 40 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $5,969 | 2026-05-31 | 2026-07-15 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $510,409 | 2026-05-31 | 2026-07-15 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $148,395 | 2026-02-28 | 2026-04-13 | 10-Q | filing · viewer · series |
| 43 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$14,992 | 2025-08-31 | 2025-10-14 | 10-Q | filing · viewer · series |
| 44 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.3M | 2025-05-31 | 2026-07-15 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 66.9 is 6.9 points from the nearest band edge; sampling error is 3.0 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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