Quad Graphics Inc (Class A) (QUAD) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, QUAD scores 45 out of 100, a letter grade of D, with the verdict label "Roarable Sell — Underperform / Distribution Warning." The five pillars are:

• Fundamental Cash Engine: 12 / 20. Per the Roarable RQD rating, this pillar reflects ROIC of 19.7% and an FCF yield of 12.79%. A high ROIC and high FCF yield are constructive signals, yet they sit alongside thin reported margins (see Snapshot and Financial Trend), so the cash-generation picture is mixed rather than clean.
• Whale 13F Flow: 5 / 20. Per the Roarable RQD rating, this pillar measures institutional accumulation and options positioning. The score is low, indicating weak institutional support in the rating's framework. The holders section of the source data is empty, so the basis for this score cannot be independently verified here.
• Insider Conviction: 17 / 20. Per the Roarable RQD rating, this is the strongest pillar and reflects SEC Form 4 and Congressional PTR cluster flow. Positive insider flow is the one area of relative strength in the rating, though the underlying trade-level detail is not provided in the source data.
• Macro Regime Fit: 3 / 20. Per the Roarable RQD rating, this reflects a beta of 1.0 and sector sensitivity. This is the weakest pillar and signals limited macro tailwind in the rating's view.
• Forensic Balance Sheet: 8 / 20. Per the Roarable RQD rating, this reflects an Altman Z-Score of 1.62, a Piotroski F-Score of 5/9, and a Debt/Equity ratio of 2.51. These readings point to balance-sheet stress that a prospective investor should weigh heavily.

For a prospective investor evaluating the stock today, the upside case rests on the cash-engine pillar and the insider-flow signal. The valuation appears undemanding on earnings-based and EBITDA-based multiples, which creates a potential re-rating argument if cash generation holds. The downside case is structural: weak institutional flow, a poor macro-fit score, and a leveraged, distressed-leaning balance sheet. A 45 score and a Sell verdict indicate the rating model sees more downside risk than upside at current levels. This is an analytical framing of the source data and not a personalized recommendation.

Per the SEC financials, revenue declined from $2957.7M in FY 2023 to $2419.9M in FY 2025, while operating income rose from $25.7M to $97.0M over the same span. Per the market data, the gross margin is 21.6%, the operating margin is 4%, and the net margin is 1.1%, with ROIC at 19.7%. Per the Roarable RQD rating, the Altman Z-Score is 1.62, the Piotroski F-Score is 5/9, and Debt/Equity is 2.51, which together indicate a constrained balance sheet. Reported debt fell from $349.1M in FY 2024 to $322.9M in FY 2025, while cash rose from $29.2M to $63.3M.

The news wire contains six items, all with a YELLOW light and MARKET WIRE impact label. Headlines include a Seeking Alpha report titled "Quad/Graphics Inc.: Has Yet To Show The Answer To The Core Problem," a Yahoo Finance "Q3 Earnings Snapshot," an Investing.com item reporting that Rosenblatt reiterated a Buy and kept a $13 target, a Morningstar item on third-quarter and year-to-date 2026 results, a TradingView item on a $0.10 quarterly dividend declaration, and a Globe and Mail analyst roundup. The Seeking Alpha headline is a skeptical framing that a risk-watch investor would note. The Rosenblatt item is the only explicit price target in the wire. The dividend declaration is consistent with the 3.63% dividend yield in the market data. The Butterfly supply-chain graph reports no proprietary signals and no links.

Per the Butterfly Supply-Chain Graph, the supply chain is listed as NONE, with no butterfly links and no proprietary signals. The graph therefore provides no upstream or downstream dependency mapping and no sector-correlation evidence for QUAD. The broader Consumer Discretionary and Publishing classification is noted in the sector and industry fields, but no second-order ripple effects can be traced from the source data.

• What is the source of the Rosenblatt $13 target versus the $7.70 price, and is the target dated relative to the recent sharp decline?
• What drove the -18.08% single-session move, and is it tied to the third-quarter 2026 results referenced in the news wire?
• Which specific Form 4 and Congressional PTR trades underpin the 17/20 insider-conviction pillar?
• What are the debt maturity profile and covenant terms behind the 2.51 Debt/Equity ratio and the 1.62 Altman Z-Score?
• Why are FY 2025 and FY 2024 EPS reported as N/A when net income is available?