Ameresco, Inc. — Earnings Quality Grade F
AMRC · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 59 days, change -2 days YoY
AR growth 4.9% vs revenue growth 9.2%
Revenue 9.2%, CFFO -168.3%. Cash follows revenue
Expense Quality
Inventory 9.1% vs COGS 7.5%. Normal
CapEx growth -18.8% vs revenue 9.2%. Normal
SG&A/Gross Profit = 58.7%. Normal
Gross margin 15.7%, change +1.3pp. Stable
Cash Flow Quality
CFFO/NI = -1.81. Only -181% of profit backed by cash
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF < 50% of Net Income for 3 years
Accruals ratio = 2.7%. Low accruals
Cash $0.1B covers only 4% of debt $1.9B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 7% of equity. Manageable
Debt/EBITDA = 8.2x (>4x). Interest coverage = 1.5x (<2x). Financial stress
Other assets grew 27.2% vs revenue 9.2%
Write-offs normal
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.
Goodwill+Intangibles change 2% YoY. Normal
Manipulation Score
M-Score = -2.42 (< -2.22). Unlikely manipulator
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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