F

Brinks Company (The) — Earnings Quality Grade F

BCO · Industrials

Major red flags

Revenue
$5.3B
2025
Net Income
$200M
2025
Gross Margin
25.8%
Free Cash Flow
$436M
01

Screening Summary

15
Passed
1
Watch
2
Failed
-2.7
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 45 days, change +1 days YoY

A2AR vs Revenue Growth

AR growth 6.5% vs revenue growth 5.0%

A3Revenue vs CFFO

Revenue 5.0%, CFFO 50.1%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -25.1% vs COGS 4.3%. Normal

B2CapEx vs Revenue

CapEx growth -8.7% vs revenue 5.0%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 57.3%. Normal

B4Gross Margin

Gross margin 25.8%, change +0.5pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 3.20. Profits backed by cash

C2Free Cash Flow

FCF $0.4B, FCF/NI = 2.19

C3Accruals Ratio

Accruals ratio = -6.0%. Low accruals

C4Cash vs Debt

Cash $1.7B covers only 37% of debt $4.6B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $1.9B = 684% of equity. Over 50%

!
D2Leverage

Debt/EBITDA = 5.2x (>4x). Financial stress

D3Soft Asset Growth

Other assets 15.3% vs revenue 5.0%. Normal

D4Asset Impairment

Write-offs normal

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 2% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.70 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.7
-4.0 Clean-2.22 Grey-1.78 Danger0
1.014
DSRI
AR growing faster than revenue?
0.981
GMI
Gross margin declining?
0.938
AQI
Asset quality deteriorating?
1.05
SGI
Revenue growth rate
1.119
DEPI
Depreciation slowing?
0.888
SGAI
SG&A ratio changing?
-0.0599
TATA
Accruals level
0.985
LVGI
Leverage increasing?
05

Altman Z-Score

1.72
Grey Zone
0 Distress1.102.605.0+ Safe
0.1541
Liquidity
0.0368
Cumulative profit
0.0817
Operating efficiency
0.0401
Leverage

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