SYPRIS SOLUTIONS INC

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 5✗ 23▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / Book Value per Share1.3x

  ✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio1.3x

  ✓Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-21.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-21.1%, ROC=-24.7%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  Valuation ReasonablenessOE Yield=-18.0%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=-26.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=1.3x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low100% of trailing low ($1.06)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-43.54%; #4989/6340 (top 78.7%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.4803; #2961/6449 (top 45.9%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share1.33x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+15.5%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+4.7159; #565/5247 (top 10.8%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-12.05%; #3308/4519 (top 73.2%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-68.17%; #5617/6202 (top 90.6%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Cash Flow0% pass✓ 1✗ 11▾

  No clean pass — all 10 investors flag at least one cash flow criterion

  Free Cash Flow Proxy$-4.2M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-2.9M

  ✗LynchPositive and growing

  Operating Cash Flow$-5.7M

  ✗PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=-5.32%, ROA=-5.88%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=-26.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive5/16 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-12.5%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency11/19 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-2.9M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-12.05%; #3308/4519 (top 73.2%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Efficiency0% pass✓ 1✗ 10▾

  No clean pass — all 8 investors flag at least one efficiency criterion

  Current Ratio1.26

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)2.9%

  ✗Buffett> 10%

  ROIC - WACC-7.1%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-24.7%

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.23 -> 1.28

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY1.17x -> 1.11x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities1.26

  ✗Dreman> 1.5

  Return on Invested Capital-34.6%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=2.4%; FY2024: ROIC=7.4%; FY2025: ROIC=-16.6%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest -16.6%)

  ✗SleepROIC > 12% in a majority of years
• Verdicts0% pass✗ 16▾

  Split decision: 15 FAIL · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)✗GreenblattRank #2352✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (0/11)✗MungerFAIL (0/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (1/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #2204/2370 (Top 93.0%))✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
• Profitability6% pass✓ 3✗ 32▾

  15 of 16 flag SYPR's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)8/26 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)15/26 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-9.8%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-5.5% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-4.2M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-90.6%

  ✗Lynch> 15%

  EBIT / Enterprise Value-21.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-21.1%, ROC=-24.7%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-5.88%

  ✗PiotroskiROA > 0

  ROA Change YoY-1.41% -> -5.88% (delta: -4.47%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=-5.32%, ROA=-5.88%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY14.2% -> 7.8%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue-9.6%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-90.6%

  ✗Dreman> 12%

  Margin of SafetyP/B=1.3x

  ✓PabraiP/B < 1.5 or P/E < 15

  Return on Equity-17.1% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency15/26 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-9.6%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-90.6%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend0.7% (2023) -> -5.5% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 12.7% -> 7.8%, operating margin 0.7% -> -5.5%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-43.54%; #4989/6340 (top 78.7%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+5.94%; #3056/3702 (top 82.5%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-90.64%; #4545/5226 (top 87.0%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0306; #1936/5884 (top 32.9%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR-15.4% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years3/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Debt & Leverage8% pass✓ 1✗ 14▾

  11 of 12 flag SYPR's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current Assets

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.16, IC: -5.6x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity1.16

  ✗Lynch< 0.33

  Cash - Long-term Debt

  ✗LynchPositive preferred

  LT Debt / Total Assets Change0.00% -> 0.00%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.26

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity1.16

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels1.16

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-5.6x, D/EBITDA=N/A

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity1.16

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-1.1628; #3372/4210 (top 80.1%)

  ✗AsnessTop 30% of eligible cross-section
• Growth13% pass✓ 3✗ 10▾

  7 of 8 flag SYPR's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: -13.8% vs Rev: -11.5%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency15/26 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth2.9%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency2/5 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 12.7% -> 7.8%, operating margin 0.7% -> -5.5%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR7.8%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR-15.4% over 5 years

  ✗Neff7%-20% annualized