C

AvePoint, Inc. — Earnings Quality Grade C

AVPT · Technology

Some red flags

Revenue
$419M
2025
Net Income
$35M
2025
Gross Margin
74.1%
Free Cash Flow
$80M
01

Screening Summary

12
Passed
4
Watch
1
Failed
-2.38
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

!
A1DSO Change

DSO increased by 10 days

!
A2AR vs Revenue Growth

AR growth 44.3% exceeds revenue growth 26.9%

A3Revenue vs CFFO

Revenue grew 26.9% but CFFO declined -4.1%

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth 24.7% vs revenue 26.9%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 72.4%, exceeds 70%

B4Gross Margin

Gross margin 74.1%, change -1.0pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 2.45. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 2.30

C3Accruals Ratio

Accruals ratio = -6.4%. Low accruals

C4Cash vs Debt

Cash $0.5B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 10% of equity. Manageable

D2Leverage

Debt/EBITDA = 0.3x. Healthy

D3Soft Asset Growth

Other assets 19.0% vs revenue 26.9%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

!
E2Goodwill Surge

Goodwill+Intangibles surged 88% YoY

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.38 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.38
-4.0 Clean-2.22 Grey-1.78 Danger0
1.136
DSRI
AR growing faster than revenue?
1.013
GMI
Gross margin declining?
0.9
AQI
Asset quality deteriorating?
1.269
SGI
Revenue growth rate
0.946
DEPI
Depreciation slowing?
0.923
SGAI
SG&A ratio changing?
-0.0639
TATA
Accruals level
0.807
LVGI
Leverage increasing?
05

Altman Z-Score

2.72
Safe Zone
0 Distress1.102.605.0+ Safe
0.4456
Liquidity
-0.6463
Cumulative profit
0.0419
Operating efficiency
1.5418
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25