B

Cross Country Healthcare, Inc. — Earnings Quality Grade B

CCRN · Healthcare

Generally healthy

Revenue
$1.1B
2025
Net Income
-$95M
2025
Gross Margin
20.3%
Free Cash Flow
$40M
01

Screening Summary

15
Passed
3
Watch
0
Failed
-4.27
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 58 days, change -3 days YoY

A2AR vs Revenue Growth

AR growth -25.0% vs revenue growth -21.6%

A3Revenue vs CFFO

Revenue -21.6%, CFFO -59.8%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -6.3% vs revenue -21.6%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 94.0%, exceeds 70%

B4Gross Margin

Gross margin 20.3%, change -0.1pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -0.51. Below 1.0

C2Free Cash Flow

FCF $0.0B, FCF/NI = -0.42

C3Accruals Ratio

Accruals ratio = -31.9%. Low accruals

C4Cash vs Debt

Cash $0.1B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 28% of equity. Manageable

!
D2Leverage

Interest coverage = -1.8x (<2x). Financial stress

D3Soft Asset Growth

Other assets 18.7% vs revenue -21.6%. Normal

D4Asset Impairment

Write-offs normal

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -48% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -4.27 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-4.27
-4.0 Clean-2.22 Grey-1.78 Danger0
0.957
DSRI
AR growing faster than revenue?
1.007
GMI
Gross margin declining?
0.738
AQI
Asset quality deteriorating?
0.784
SGI
Revenue growth rate
1.024
DEPI
Depreciation slowing?
1.096
SGAI
SG&A ratio changing?
-0.3187
TATA
Accruals level
0.848
LVGI
Leverage increasing?
05

Altman Z-Score

5.52
Safe Zone
0 Distress1.102.605.0+ Safe
0.4807
Liquidity
0.2744
Cumulative profit
-0.1811
Operating efficiency
2.5595
Leverage

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