Aeva Technologies, Inc. — Earnings Quality Grade F
AEVA · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 20 days (48 → 68)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 183.3% exceeds revenue growth 99.4%
Revenue grew 99.4% but CFFO declined -7.6%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory growth 146.8% far exceeds COGS 45.8%, margin rising. Fraud signal
Small-cap context: Inventory ratios on a small base are noisy; a single product launch can move them sharply.
CapEx growth -9.8% vs revenue 99.4%. Normal
SG&A/Gross Profit = -6289.8%, excellent (<30%)
Gross margin swung +38.2pp (-41.8% → -3.7%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -16.9%. Low accruals
Cash $0.1B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -0.9x. Healthy
Other assets -99.0% vs revenue 99.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = 2.91 (> -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