Aebi Schmidt Holding AG — Earnings Quality Grade F
AEBI · Industrials
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 ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 16 days (58 → 74)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 78.6% exceeds revenue growth 40.6%
Revenue grew 40.6% but CFFO declined -87.0%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 49.7% vs COGS 42.5%. Normal
CapEx growth 4.6% vs revenue 40.6%. Normal
SG&A/Gross Profit = 59.4%. Normal
Gross margin 19.9%, change -1.1pp. Stable
Cash Flow Quality
CFFO/NI = 0.92. Profits backed by cash
FCF is negative ($-0.0B)
Accruals ratio = 0.0%. Low accruals
Cash $0.1B covers only 13% of debt $0.8B
Balance Sheet Health
Goodwill+Intangibles $0.7B = 91% of equity. Over 50%
Debt/EBITDA = 7.8x (>4x). Interest coverage = 1.7x (<2x). Financial stress
Other assets 43.4% vs revenue 40.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 86% YoY
Manipulation Score
M-Score = -1.75 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25