Alkami Technology, Inc. — Earnings Quality Grade F
ALKT · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 36 days, change +0 days YoY
AR growth 34.3% vs revenue growth 32.9%
Revenue 32.9%, CFFO 130.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 10.6% vs revenue 32.9%. Normal
SG&A/Gross Profit = 70.6%, exceeds 70%
Gross margin 57.8%, 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 $0.0B, FCF/NI = -0.72
Accruals ratio = -10.7%. Low accruals
Cash $0.1B covers only 27% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.6B = 160% of equity. Over 50%
Interest coverage = -5.1x (<2x). Financial stress
Other assets grew 102.0% vs revenue 32.9%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 205% YoY
Manipulation Score
M-Score = -3.85 (< -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