Atlas Energy Solutions Inc. — Earnings Quality Grade F
AESI · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 60 days, change +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 3.7%, CFFO -54.2%. Cash follows revenue
Expense Quality
Inventory growth 52.2% exceeds COGS 14.6%
CapEx growth -60.4% vs revenue 3.7%. Normal
SG&A/Gross Profit = 92.1%, exceeds 70%
Gross margin swung -8.2pp (22.0% → 13.8%)
Cash Flow Quality
CFFO/NI = -2.33. Below 1.0
FCF < 50% of Net Income for 2 years
Accruals ratio = -7.5%. Low accruals
Cash $0.0B covers only 7% of debt $0.6B
Balance Sheet Health
Goodwill+Intangibles $0.3B but equity unavailable or non-positive
Interest coverage = -0.3x (<2x). Financial stress
Other assets -65.9% vs revenue 3.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles surged 92% YoY
Manipulation Score
M-Score = -2.23 (< -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