Webull Corporation — Earnings Quality Grade D
BULL · Technology
Significant concerns
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 171 days (285 → 457)
AR outpaced revenue for 2 consecutive years
Revenue 46.3%, CFFO 205.8%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 102.6% is >2x revenue growth 46.3%
SG&A/Gross Profit = 68.1%. Normal
Gross margin 77.5%, change -2.2pp. Stable
Cash Flow Quality
CFFO far exceeds NI (ratio 22.9x). Non-cash charges depressing profits
FCF $0.6B, FCF/NI = 22.67
Accruals ratio = -14.0%. Low accruals
Cash $0.8B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 8% of equity. Manageable
Debt/EBITDA = 1.4x. Healthy
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 248% YoY
Manipulation Score
M-Score = -1.97 (grey zone)
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