F

Azenta, Inc. — Earnings Quality Grade F

AZTA · Healthcare

Major red flags

Revenue
$594M
2025
Net Income
-$56M
2025
Gross Margin
45.5%
Free Cash Flow
$38M
01

Screening Summary

14
Passed
2
Watch
1
Failed
-2.82
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 87 days, change -11 days YoY

A2AR vs Revenue Growth

AR growth -7.8% vs revenue growth 3.6%

A3Revenue vs CFFO

Revenue 3.6%, CFFO 45.1%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory 5.1% vs COGS 1.5%. Normal

B2CapEx vs Revenue

CapEx growth -9.5% vs revenue 3.6%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 96.8%, exceeds 70%

B4Gross Margin

Gross margin 45.5%, change +1.1pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.

C2Free Cash Flow

FCF $0.0B, FCF/NI = -0.69

C3Accruals Ratio

Accruals ratio = -6.2%. Low accruals

C4Cash vs Debt

Cash $0.3B covers debt $0.1B

04

Balance Sheet Health

!
D1Goodwill + Intangibles

Goodwill+Intangibles $0.8B = 47% of equity

D2Leverage

Debt/EBITDA = 1.3x. Healthy

D3Soft Asset Growth

Other assets -50.6% vs revenue 3.6%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -1% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.82 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.82
-4.0 Clean-2.22 Grey-1.78 Danger0
0.891
DSRI
AR growing faster than revenue?
0.976
GMI
Gross margin declining?
1.109
AQI
Asset quality deteriorating?
1.036
SGI
Revenue growth rate
1.301
DEPI
Depreciation slowing?
0.961
SGAI
SG&A ratio changing?
-0.0621
TATA
Accruals level
1.176
LVGI
Leverage increasing?
05

Altman Z-Score

9.13
Safe Zone
0 Distress1.102.605.0+ Safe
0.2285
Liquidity
0.6894
Cumulative profit
-0.0105
Operating efficiency
5.1924
Leverage

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