F

Century Aluminum Company — Earnings Quality Grade F

CENX · Basic Materials

Major red flags

Revenue
$2.5B
2025
Net Income
$42M
2025
Gross Margin
10.1%
Free Cash Flow
$85M
01

Screening Summary

15
Passed
0
Watch
2
Failed
-2.81
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 16 days, change +3 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue 13.9%, CFFO 852.0%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -3.6% vs COGS 10.9%. Normal

B2CapEx vs Revenue

CapEx growth 21.7% vs revenue 13.9%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 31.2%. Normal

B4Gross Margin

Gross margin 10.1%, change +2.4pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 4.43. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 2.03

C3Accruals Ratio

Accruals ratio = -6.3%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 24% of debt $0.5B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = 3.9x. Healthy

D3Soft Asset Growth

Other assets -20.8% vs revenue 13.9%. Normal

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

M-Score = -2.81 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-2.81
-4.0 Clean-2.22 Grey-1.78 Danger0
1.273
DSRI
AR growing faster than revenue?
0.764
GMI
Gross margin declining?
0.413
AQI
Asset quality deteriorating?
1.139
SGI
Revenue growth rate
1
DEPI
Depreciation slowing?
1.236
SGAI
SG&A ratio changing?
-0.0631
TATA
Accruals level
1.013
LVGI
Leverage increasing?
05

Altman Z-Score

-0.09
Distress Zone
0 Distress1.102.605.0+ Safe
0.2237
Liquidity
-0.7163
Cumulative profit
0.0222
Operating efficiency
0.6015
Leverage

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