ASP Isotopes Inc. — Earnings Quality Grade F
ASPI · Basic Materials
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 211 days (62 → 274)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 2429.3% exceeds revenue growth 475.5%
Revenue grew 475.5% but CFFO declined -126.3%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory growth 1563.6% exceeds COGS 703.3%
CapEx growth -15.1% vs revenue 475.5%. Normal
SG&A/Gross Profit = 1416.7%, exceeds 70%
Gross margin swung -24.3pp (38.6% → 14.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -27.6%. Low accruals
Cash $0.3B covers debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Interest coverage = -99.5x (<2x). Financial stress
Other assets 177.9% vs revenue 475.5%. Normal
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 surged 217% YoY
Manipulation Score
M-Score = 5.06 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25