Average revenue growth above 8% over three years. Gross margin stable or rising. Operating margin positive and improving. Return on invested capital above 12%. Positive free cash flow for at least three years. Leverage under 3. A share count that isn't growing, ideally shrinking. And a valuation that isn't at the top of the stock's own historical range.

First: where does the growth come from — organic or acquired? An acquisition creates a revenue jump and burns cash, and it is not the same as a business growing under its own power. Second: price or volume? If prices merely rose, the engine will run out; if more units sold, there's genuine demand.

Third: what are margins doing while it grows — rising or falling? Fourth: does cash flow follow profit, or is the profit sitting in receivables and inventory? Fifth: is EPS growing faster or slower than net income — that is, buybacks or dilution?

Receivables or inventory growing faster than revenue. A gross margin falling for three straight quarters. A widening gap between reported and adjusted results. Bloated stock compensation. Large debt maturing with no cash to meet it. An auditor or CFO replaced without explanation. Repeated redefinition of an "adjusted" metric the company reports on.

None of these is proof on its own. Two or three together in the same company are an excellent reason to pass and move to the next idea — there are thousands of companies, and no need to wrestle with this particular one.