American Outdoor Brands, Inc. — Earnings Quality Grade F
AOUT · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 18 days (47 → 65)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 52.9% exceeds revenue growth 10.6%
Revenue grew 10.6% but CFFO declined -94.5%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 12.2% vs COGS 9.2%. Normal
CapEx growth -36.2% vs revenue 10.6%. Normal
SG&A/Gross Profit = 92.4%, exceeds 70%
Gross margin 44.6%, change +0.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -0.6%. Low accruals
Cash $0.0B covers 70% of debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 18% of equity. Manageable
Debt/EBITDA = 2.5x. Healthy
Other assets -43.8% vs revenue 10.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -22% YoY. Normal
Manipulation Score
M-Score = -2.20 (grey zone)
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