F

Benitec Biopharma Inc. — Earnings Quality Grade F

BNTC · Healthcare

Major red flags

Revenue
$0M
2025
Net Income
-$38M
2025
Gross Margin
Free Cash Flow
-$24M
01

Screening Summary

6
Passed
3
Watch
2
Failed
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

Insufficient data

!
A2AR vs Revenue Growth

AR growth 316.4% exceeds revenue growth -100.0%

A3Revenue vs CFFO

Insufficient data

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

Insufficient data

B3SG&A Ratio

Insufficient data

!
B4Gross Margin

Gross margin swung +12.3pp (87.7% → 100.0%)

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 is negative ($-0.0B)

C3Accruals Ratio

Accruals ratio = -14.4%. Low accruals

C4Cash vs Debt

Cash $0.1B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = -0.0x. Healthy

D3Soft Asset Growth

Insufficient data

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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05

Altman Z-Score

40.56
Safe Zone
0 Distress1.102.605.0+ Safe
0.9711
Liquidity
-2.2911
Cumulative profit
-0.4194
Operating efficiency
42.3574
Leverage

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