Advanced Energy Industries, Inc — Earnings Quality Grade C
AEIS · Industrials
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 66 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 21.4%, CFFO 78.4%. Cash follows revenue
Expense Quality
Inventory 14.1% vs COGS 17.7%. Normal
CapEx growth 89.1% is >2x revenue growth 21.4%
SG&A/Gross Profit = 35.8%. Normal
Gross margin 37.7%, change +1.9pp. Stable
Cash Flow Quality
CFFO/NI = 1.57. Profits backed by cash
FCF $0.1B, FCF/NI = 0.85
Accruals ratio = -3.3%. Low accruals
Cash $0.8B covers debt $0.7B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 31% of equity
Debt/EBITDA = 2.8x. Healthy
Other assets 17.5% vs revenue 21.4%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -4% YoY. Normal
Manipulation Score
M-Score = -2.44 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25