Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Quad/Graphics, Inc.QUAD · manufacturing | |
|---|---|
| Grade |  Dfourth fifth of 255 graded peers; percentile 68.9, sampling error 3.0 points; lower is stronger |
| Rank | 176 of 255 |
| Profitability | A/Bpercentile 19.0 |
| Solvency | Dpercentile 72.7 |
| Growth and financing | Dpercentile 75.2 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $1.3B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 12 of 14 |
| Graded from | filings received through Feb 18, 2026233 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $9.482026-10-08; market equity $0; 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 18, 2026; the document on sec.gov.
Quad is a marketing experience (MX) company that simplifies the complexities of marketing, removing friction from wherever it occurs along the marketing journey. Its results-driven approach enables stronger marketing operations that lead to real, repeatable success for clients. The Company does this through its MX Solutions Suite, which is flexible, scalable and connected. Quad tailors its solutions to each client’s objectives, driving cost efficiencies, improving speed to market, strengthening marketing effectiveness and delivering value on investments. Quad’s footprint spans 10 countries, with 71 global facilities inclusive of 33 manufacturing and distribution facilities.
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 19.0 | |||||||
| Gross profitability | 41.8% | [1-3] | 21.9% | 10.6 | 275 | 2025-12-31 | |
| Return on invested capital | 25.0% | [4-12] | 9.7% | 7.1 | 100 | 2025-12-31 | |
| Accruals ratio | (5.4%) | [1,13-15] | (3.6%) | 37.8 | 308 | 2025-12-31 | |
| Gross margin stability, five years | 1.3 pts | [2-3,16-23] | 2.1 pts | 20.6 | 229 | 2025-12-31 | |
| Solvency, sleeve percentile 72.7 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| liabilities and a nearby cover-page share count are required at 2026-03-31 | |||||||
| Altman Z double-prime | (1.61) | [1,4,8,24-27] | 3.66 | 83.5 | 244 | 2025-12-31 | |
| Net debt to EBITDA | 1.80x | [4,7,9,28] | 1.78x | 52.5 | 121 | 2025-12-31 | |
| Interest coverage | 1.92x | [4,29] | 5.09x | 60.3 | 64 | 2025-12-31 | |
| Current ratio | 0.86x | [24-25] | 2.25x | 94.4 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 75.2 | |||||||
| Revenue growth, three-year compound | (9.1%) | [2,16,18,20] | 2.1% | 91.4 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | (18.7%) | [14,30-36] | 13.9% | 90.6 | 139 | 2025-12-31 | |
| Reinvestment rate | 62.5% | [4-6,24-25,28,30,37-38] | 26.4% | 31.2 | 139 | 2025-12-31 | |
| Asset growth, three years | (9.7%) | [1,15,39-40] | 4.4% | 87.8 | 279 | 2025-12-31 | |
| Net share issuance, one year | not computable | 0.01% | |||||
| two annual share counts are required; found 0 | |||||||
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 0.118; 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 |
|---|---|---|---|---|
| 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 | |
| 177 | Kimberly Clark Corp. (KMB) Kimberly Clark Corp. (KMB) Dfourth fifth; percentile 69.3 Nasdaq · Converted Paper & Paperboard Prods (No Contaners/Boxes) market equity $32.5B; last close $97.73 No active warnings; 12 of 14 inputs | 69.3 | D | |
| 178 | Eaton Corp. plc (ETN) Eaton Corp. plc (ETN) Dfourth fifth; percentile 69.7 NYSE · Misc Industrial & Commercial Machinery & Equipment market equity $164.9B; last close $424.46 No active warnings; 8 of 14 inputs | 69.7 | D | |
| 179 | Titan International Inc. (TWI) Titan International Inc. (TWI) Dfourth fifth; percentile 70.1 NYSE · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) market equity $440.2M; last close $6.83 No active warnings; 9 of 14 inputs | 70.1 | D | |
| 180 | Westinghouse AIR Brake Technologies Corp. (WAB) Westinghouse AIR Brake Technologies Corp. (WAB) Dfourth fifth; percentile 70.5 NYSE · Railroad Equipment market equity $47.4B; last close $280.93 No active warnings; 10 of 14 inputs | 70.5 | D | |
| 181 | StandardAero, Inc. (SARO) StandardAero, Inc. (SARO) Dfourth fifth; percentile 70.9 NYSE · Aircraft Engines & Engine Parts market equity $6.7B; last close $20.32 No active warnings; 7 of 14 inputs | 70.9 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 63.4 | 2204 |
| sector peers, equal sleeves (the grade) | D | 68.9 | 255 |
| same exchange, equal sleeves | D | 66.2 | 984 |
| sector peers, equal inputs | D | 68.9 | 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 2026-10-08 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 | 69.0% | 13.7% | 86 | hotter than 86 of 100 peers |
| Distance from 52-week high | (12.5%) | (24.3%) | 79 | closer to its high than 79 of 100 peers |
| EBIT to enterprise value | not computable | 4.1% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 3.4% | required accounting or market input is missing | |
| Book value to price | not computable | 0.34 | required accounting or market input is missing | |
| Sales to price | not computable | 0.54 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | (9.5%) | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | 0.39 | (0.00) | 86 | ahead of 86 of 100 peers |
Inputs: EBIT $97.0M; free cash flow $50.7M; book equity $126.6M; sales $2.4B; debt $369.9M; cash $7.0M.
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 2.1% | ✓ pass[13,15] |
| Operating cash flow above zero | $95.9M | ✓ pass[14] |
| Return on assets improved | 5.5 pts | ✓ pass[13,15,39,41] |
| Operating cash flow exceeds net income | $68.9M | ✓ pass[13-14] |
| Long-term leverage fell | 0.4 pts | ✗ fail[1,15,39,42-43] |
| Current ratio improved | 9.8 pts | ✓ pass[24-25,37-38] |
| No new shares issued | n/a | |
| Gross margin improved | (0.1 pts) | ✗ fail[2-3,16-17] |
| Asset turnover improved | 9.3 pts | ✓ pass[2,15-16,39] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $7.0M[44] |
| Operating cash flow, four quarters | $91.2M[14,44-48] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 72 |
| 10-Q received Jul 29, 2026 | |
| Median daily dollar volume | $3.0M |
| 63 sessions | |
| Days since newest grade input | 233 |
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 | $1.3B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.4B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $1.9B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 4 | operating income | us-gaap:OperatingIncomeLoss | $97.0M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 5 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $32.5M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 6 | income tax | us-gaap:IncomeTaxExpenseBenefit | $5.5M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 7 | total debt | us-gaap:LongTermDebt | $369.9M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 8 | book equity | us-gaap:StockholdersEquity | -$59.5M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 9 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $63.3M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebt | $377.1M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $49.9M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $29.2M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:ProfitLoss | $27.0M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $95.9M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $1.3B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.7B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 17 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $2.1B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 18 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.0B | 2023-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 19 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $2.4B | 2023-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.2B | 2022-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 21 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $2.6B | 2022-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.0B | 2021-12-31 | 2023-02-27 | 10-K | filing · viewer · series |
| 23 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $2.4B | 2021-12-31 | 2023-02-27 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $538.4M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $624.2M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 26 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$623.2M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 27 | liabilities | us-gaap:Liabilities | $1.1B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 28 | depreciation amortization | us-gaap:Depreciation | $73.4M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 29 | interest expense | us-gaap:InterestExpense | $50.5M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 30 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $45.2M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $112.9M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 32 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $57.2M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $147.6M | 2023-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 34 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $70.8M | 2023-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $154.6M | 2022-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 36 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $60.3M | 2022-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 37 | current assets | us-gaap:AssetsCurrent | $534.3M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 38 | current liabilities | us-gaap:LiabilitiesCurrent | $698.7M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 39 | assets | us-gaap:Assets | $1.5B | 2023-12-31 | 2025-02-21 | 10-K | filing · viewer · series |
| 40 | assets | us-gaap:Assets | $1.7B | 2022-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 41 | net income | us-gaap:ProfitLoss | -$50.9M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 42 | long term debt | us-gaap:LongTermDebtNoncurrent | $322.9M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 43 | long term debt | us-gaap:LongTermDebtNoncurrent | $349.1M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 44 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $7.0M | 2026-03-31 | 2026-04-29 | 10-Q | filing · viewer · series |
| 45 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$93.7M | 2026-03-31 | 2026-04-29 | 10-Q | filing · viewer · series |
| 46 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$50.0M | 2025-09-30 | 2025-10-29 | 10-Q | filing · viewer · series |
| 47 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$41.6M | 2025-06-30 | 2025-07-30 | 10-Q | filing · viewer · series |
| 48 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$89.0M | 2025-03-31 | 2026-04-29 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 68.9 is 8.9 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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