BARK, Inc. — Earnings Quality Grade F
BARK · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 7 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -1.2%, CFFO -216.8%. Cash follows revenue
Expense Quality
Inventory 4.7% vs COGS -3.1%. Normal
CapEx growth -30.3% vs revenue -1.2%. Normal
SG&A/Gross Profit = 111.6%, exceeds 70%
Gross margin 62.4%, change +0.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -9.9%. Low accruals
Cash $0.1B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Interest coverage = -12.6x (<2x). Financial stress
Other assets -42.0% vs revenue -1.2%. 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 change -54% YoY. Normal
Manipulation Score
M-Score = -2.99 (< -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