AerSale Corporation — Earnings Quality Grade F
ASLE · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 46 days, change +10 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -2.8%, CFFO -305.4%. Cash follows revenue
Expense Quality
Inventory -8.7% vs COGS -4.8%. Normal
CapEx growth -64.7% vs revenue -2.8%. Normal
SG&A/Gross Profit = 85.1%, exceeds 70%
Gross margin 31.5%, change +1.4pp. Stable
Cash Flow Quality
CFFO/NI = -2.68. Only -268% 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 2 years
Accruals ratio = 4.9%. Low accruals
Cash $0.0B covers only 3% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 9% of equity. Manageable
Debt/EBITDA = 4.1x (>4x). Financial stress
Other assets grew 20.8% vs revenue -2.8%
No write-off data
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 -5% YoY. Normal
Manipulation Score
M-Score = -2.19 (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