Latest Issue — #01 · May 11, 2026 · NAICS 332 Spotlight
Section 232 Changed on April 6th. Your CIM Was Written Before That.
The revised Section 232 proclamation now applies tariffs to the full customs value of steel, aluminum, and copper — not just the metal content. For any metal fab acquisition with import exposure, the cost model in your CIM is already outdated. And with the ISM Prices Index at 84.6%, your margin assumption is under water before you close.
Subscribe to Read → See Issue PreviewKey Metrics — May 2026 · Sources: ISM, BLS, SBA, Stanford GSB
ISM Mfg PMI
52.7%
4th expansion month
ISM Prices Paid
84.6%
Highest since Apr 2022
Unfilled Mfg Jobs
438K
BLS JOLTS Feb 2026
Employment Index
46.4%
Contracting 31 months
Section 232 · Tariffs · All Metal NAICS 🔒
The April 6 Tariff Expansion Every LOI Should Address
Full customs value now applies to steel, aluminum, copper. Any deal with import exposure has a cost model written before April 2nd. That model is wrong.
SBA Lending · FY2026 · NAICS 31–33 🔒
SBA Is Waiving Guarantee Fees for Manufacturers — Ask About It
Prime at 6.75%, SBA 7(a) variable max 9.5%–11%. Guarantee fees waived for NAICS 31–33 in FY2026. Won't last. Won't be volunteered.
Labor · Manufacturing · National 🔒
31 Months of Contracting Employment in an "Expanding" Sector
ISM Employment Index 46.4%. New orders growing. Production expanding. The sector is getting busier with fewer people — and 438,000 open jobs nobody's filling.
332
Metal Fabrication
Range: 4.0x–6.5x
Appetite: Strong
333
Industrial Machinery
Range: 5.0x–7.5x
Appetite: Strong
493
Warehousing
Range: 5.5x–8.0x
Appetite: Very Strong
326
Plastics & Rubber
Range: 3.8x–5.2x
Appetite: Soft
423
Industrial Distribution
Range: 4.5x–6.5x
Appetite: Strong
561
Commercial Services
Range: 3.5x–5.5x
Appetite: Moderate
811
Automotive Repair
Range: 3.5x–5.5x
Appetite: Moderate
+
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BROWSE ALL →
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Manufacturing PMI is at 52.7. Expansion territory. Prices index at 84.6%. Employment contracting 31 straight months. Somebody explain to me how this is a victory lap.
Manuf-AI Desk · ISM April 2026 · Subscribers only 🔒
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Adjusted EBITDA is a personality test. What they add back tells you everything about how they ran the company.
Due Diligence · Add-Backs · Subscribers only 🔒
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438,000 unfilled manufacturing jobs. The seller's P&L shows a $22/hr machinist. Ask when that position was last filled.
Labor · BLS JOLTS Feb 2026 · Subscribers only 🔒
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