ACADIA Pharmaceuticals Inc. — Earnings Quality Grade F
ACAD · Healthcare
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 41 days, change +4 days YoY
AR growth 23.0% exceeds revenue growth 11.9%
Revenue grew 11.9% but CFFO declined -30.4%
Expense Quality
Inventory growth 58.0% exceeds COGS 8.7%
CapEx growth 796.7% is >2x revenue growth 11.9%
SG&A/Gross Profit = 55.9%. Normal
Gross margin 91.7%, change +0.2pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $0.1B, FCF/NI = 0.27
Accruals ratio = 18.0%. Exceeds 10%
Cash $0.8B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 0.4x. Healthy
Other assets 12.1% vs revenue 11.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -0.96 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25