F

BRT Apartments Corp. (MD) — Earnings Quality Grade F

BRT · Real Estate

Major red flags

Revenue
$97M
2025
Net Income
-$12M
2025
Gross Margin
54.6%
Free Cash Flow
$7M
01

Screening Summary

9
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

Insufficient data

A3Revenue vs CFFO

Revenue 1.5%, CFFO -41.6%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 21.1% is >2x revenue growth 1.5%

B3SG&A Ratio

SG&A/Gross Profit = 29.3%, excellent (<30%)

B4Gross Margin

Gross margin 54.6%, change +0.1pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -1.18. Below 1.0

C2Free Cash Flow

FCF $0.0B, FCF/NI = -0.56

C3Accruals Ratio

Accruals ratio = -3.7%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 5% of debt $0.5B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = 13.3x (>4x). Interest coverage = 0.5x (<2x). Financial stress

!
D3Soft Asset Growth

Other assets grew 23.1% vs revenue 1.5%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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Altman Z-Score — Not Applicable

BRT Apartments Corp. (MD) is a financial company. Z-Score is designed for non-financial companies.

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