Nucor Corp. (NUE) 10-K Red Flags
Risk signals extracted deterministically from Nucor Corp.’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (17)
- Receivables outpacing revenue: Accounts receivable grew +16.1% YoY vs revenue growth of +5.7%. The +10.3% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Free cash flow deteriorating: FCF declined +123.3% YoY (from $806.0M to $-188.0M). With OCF at $3.23B and capex at $3.42B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- NEW: Going concern doubt in latest filing: The term "going concern" "substantial doubt" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
- NEW: Substantial doubt about ability to continue in latest filing: The term "substantial doubt" "ability to continue" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
- Restatement of financial statements: The term "restatement of" "previously issued" appears in 3 recent filing(s) (vs 3 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 1.85x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Endogenous analysis: Revenue grew +5.7% but receivables grew +16.1% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- Endogenous analysis: Strong cash conversion (OCF > NI) combined with growing deferred revenue provides high forward visibility. The business model appears to generate sustainable, recurring cash flows — a positive structural indicator.
- 3 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 3 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue, Restructuring.
- Ongoing high-severity risk language: Restatement of financial statements.
- Revenue grew **+5.7%** YoY to $32.49B.
- 5-year revenue CAGR **-2.3%**; 10y CAGR +8.0%.
- Receivables outpacing revenue: Accounts receivable grew +16.1% YoY vs revenue growth of +5.7%. The +10.3% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Free cash flow deteriorating: FCF declined +123.3% YoY (from $806.0M to $-188.0M). With OCF at $3.23B and capex at $3.42B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
Filings & ownership
- Latest annual report (10-K) filed Feb 25, 2026.
- Latest quarterly report (10-Q) filed Aug 12, 2026.
- 8 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 6 sell transactions — net selling $8.2M.
- ~10,000+ recent 13F-HR filings reference Nucor Corp.; broad institutional reporting.
- Recent filers include MARATHON ASSET MANAGEMENT LP, CTC Alternative Strategies, Ltd., MARATHON ASSET MANAGEMENT LP.
- 20 recent 13G passive institutional ownership notices.
Full NUE analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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