BigBear.ai, Inc. — Earnings Quality Grade F
BBAI · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 65 days, change -25 days YoY
AR growth -41.7% vs revenue growth -19.3%
Revenue -19.3%, CFFO -10.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -60.7% vs revenue -19.3%. Normal
SG&A/Gross Profit = 334.1%, exceeds 70%
Gross margin swung -6.3pp (28.6% → 22.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -28.2%. Low accruals
Cash $0.3B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 62% of equity. Over 50%
Interest coverage = -4.6x (<2x). Financial stress
Other assets -13.1% vs revenue -19.3%. 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 60% YoY
Manipulation Score
M-Score = -4.00 (< -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