American Assets Trust, Inc. — Earnings Quality Grade F
AAT · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 6 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -4.7%, CFFO -19.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 2.9% vs revenue -4.7%. Normal
SG&A/Gross Profit = 14.2%, excellent (<30%)
Gross margin 61.1%, change -2.2pp. Stable
Cash Flow Quality
CFFO/NI = 2.34. Profits backed by cash
FCF $0.1B, FCF/NI = 1.33
Accruals ratio = -3.3%. Low accruals
Cash $0.1B covers only 8% of debt $1.7B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 1% of equity. Manageable
Debt/EBITDA = 6.1x (>4x). Interest coverage = 1.3x (<2x). Financial stress
Other assets 3.4% vs revenue -4.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -25% YoY. Normal
Manipulation Score
M-Score = -2.49 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score — Not Applicable
American Assets Trust, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25