Accendra Health, Inc. — Earnings Quality Grade F
ACH · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 13 days, change -17 days YoY
AR growth -56.1% vs revenue growth 3.1%
Revenue 3.1%, CFFO -163.0%. Cash follows revenue
Expense Quality
Inventory 10.1% vs COGS 5.2%. Normal
CapEx growth 10.2% vs revenue 3.1%. Normal
SG&A/Gross Profit = 82.8%, exceeds 70%
Gross margin 46.7%, change -1.1pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.3B)
Accruals ratio = -40.7%. Low accruals
Cash $0.3B covers only 13% of debt $2.1B
Balance Sheet Health
Goodwill+Intangibles $1.4B = -296% of equity. Manageable
Debt/EBITDA = 9.6x (>4x). Financial stress
Other assets -78.8% vs revenue 3.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -5% YoY. Normal
Manipulation Score
M-Score = -4.90 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25