Anika Therapeutics Inc. — Earnings Quality Grade F
ANIK · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 77 days, change +5 days YoY
AR growth 0.4% vs revenue growth -5.9%
Revenue -5.9%, CFFO 107.1%. Cash follows revenue
Expense Quality
Inventory -21.1% vs COGS 11.6%. Normal
CapEx growth -18.1% vs revenue -5.9%. Normal
SG&A/Gross Profit = 76.9%, exceeds 70%
Gross margin swung -6.8pp (63.4% → 56.6%)
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 = -0.40
Accruals ratio = -11.6%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 7% of equity. Manageable
Debt/EBITDA = -4.9x. Healthy
Other assets -47.5% vs revenue -5.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 1% YoY. Normal
Manipulation Score
M-Score = -2.93 (< -2.22). Unlikely manipulator
Portfolio monitoring
Monitor ANIK continuously
The full checks and model details are free to read. Use Watchlist to track your holdings; Pro adds automatic quarterly rescoring, risk-event email alerts, scans up to 50 tickers, and export workflows.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25