Ardent Health, Inc. — Earnings Quality Grade F
ARDT · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 40 days, change -6 days YoY
AR growth -7.7% vs revenue growth 6.0%
Revenue 6.0%, CFFO 49.4%. Cash follows revenue
Expense Quality
Inventory 3.0% vs COGS 4.8%. Normal
CapEx growth 13.0% vs revenue 6.0%. Normal
SG&A/Gross Profit = 56.3%. Normal
Gross margin 40.9%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = 3.46. Profits backed by cash
FCF $0.3B, FCF/NI = 1.90
Accruals ratio = -6.3%. Low accruals
Cash $0.7B covers only 31% of debt $2.3B
Balance Sheet Health
Goodwill+Intangibles $1.0B but equity unavailable or non-positive
Debt/EBITDA = 4.7x (>4x). Financial stress
Other assets -21.9% vs revenue 6.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 4% YoY. Normal
Manipulation Score
M-Score = -2.87 (< -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