F

BrightView Holdings, Inc. — Earnings Quality Grade F

BV · Industrials

Major red flags

Revenue
$2.7B
2025
Net Income
$56M
2025
Gross Margin
23.3%
Free Cash Flow
$38M
01

Screening Summary

13
Passed
2
Watch
2
Failed
-2.83
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 54 days, change -1 days YoY

A2AR vs Revenue Growth

AR growth -5.3% vs revenue growth -3.4%

A3Revenue vs CFFO

Revenue -3.4%, CFFO 41.9%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 224.2% is >2x revenue growth -3.4%

!
B3SG&A Ratio

SG&A/Gross Profit = 73.6%, exceeds 70%

B4Gross Margin

Gross margin 23.3%, change -0.1pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 5.21. Profits backed by cash

C2Free Cash Flow

FCF $0.0B, FCF/NI = 0.67

C3Accruals Ratio

Accruals ratio = -7.0%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 8% of debt $0.9B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $2.1B = 116% of equity. Over 50%

D2Leverage

Debt/EBITDA = 3.0x. Healthy

D3Soft Asset Growth

Other assets 10.4% vs revenue -3.4%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -1% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.83 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.83
-4.0 Clean-2.22 Grey-1.78 Danger0
0.98
DSRI
AR growing faster than revenue?
1.003
GMI
Gross margin declining?
0.988
AQI
Asset quality deteriorating?
0.966
SGI
Revenue growth rate
1.069
DEPI
Depreciation slowing?
0.955
SGAI
SG&A ratio changing?
-0.0695
TATA
Accruals level
0.969
LVGI
Leverage increasing?
05

Altman Z-Score

1.74
Grey Zone
0 Distress1.102.605.0+ Safe
0.0448
Liquidity
-0.0038
Cumulative profit
0.0398
Operating efficiency
1.1308
Leverage

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