F

Acco Brands Corporation — Earnings Quality Grade F

ACCO · Industrials

Major red flags

Revenue
$1.5B
2025
Net Income
$41M
2025
Gross Margin
32.8%
Free Cash Flow
$51M
01

Screening Summary

14
Passed
1
Watch
2
Failed
-2.49
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 86 days, change +10 days YoY

A2AR vs Revenue Growth

AR growth 3.1% vs revenue growth -8.5%

A3Revenue vs CFFO

Revenue -8.5%, CFFO -53.6%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory 6.9% vs COGS -7.8%. Normal

B2CapEx vs Revenue

CapEx growth 12.6% vs revenue -8.5%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 69.3%. Normal

B4Gross Margin

Gross margin 32.8%, change -0.5pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.66. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 1.23

C3Accruals Ratio

Accruals ratio = -1.2%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 7% of debt $0.9B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $1.2B = 177% of equity. Over 50%

!
D2Leverage

Debt/EBITDA = 5.5x (>4x). Financial stress

D3Soft Asset Growth

Other assets -46.5% vs revenue -8.5%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 2% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.49 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.49
-4.0 Clean-2.22 Grey-1.78 Danger0
1.127
DSRI
AR growing faster than revenue?
1.016
GMI
Gross margin declining?
0.995
AQI
Asset quality deteriorating?
0.915
SGI
Revenue growth rate
0.997
DEPI
Depreciation slowing?
1.036
SGAI
SG&A ratio changing?
-0.0122
TATA
Accruals level
0.987
LVGI
Leverage increasing?
05

Altman Z-Score

0.58
Distress Zone
0 Distress1.102.605.0+ Safe
0.1265
Liquidity
-0.2997
Cumulative profit
0.0421
Operating efficiency
0.4184
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25