Braze, Inc. — Earnings Quality Grade F
BRZE · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 60 days, change +2 days YoY
AR growth 28.5% vs revenue growth 24.4%
Revenue 24.4%, CFFO 94.8%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -21.6% vs revenue 24.4%. Normal
SG&A/Gross Profit = 95.5%, exceeds 70%
Gross margin 67.1%, change -2.0pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $0.1B, FCF/NI = -0.44
Accruals ratio = -18.2%. Low accruals
Cash $0.4B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 52% of equity. Over 50%
Debt/EBITDA = -0.7x. Healthy
Other assets grew 58.3% vs revenue 24.4%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 924% YoY
Manipulation Score
M-Score = -2.31 (< -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