Caledonia Mining Corporation Pl — Earnings Quality Grade F
CMCL · Basic Materials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 11 days, change +2 days YoY
AR growth 88.5% exceeds revenue growth 46.2%
Revenue 46.2%, CFFO 81.7%. Cash follows revenue
Expense Quality
Inventory 12.9% vs COGS 23.1%. Normal
CapEx growth 15.2% vs revenue 46.2%. Normal
SG&A/Gross Profit = 15.7%, excellent (<30%)
Gross margin rose +9.2pp while AR increased and AP decreased. Fraud pattern
Cash Flow Quality
CFFO/NI = 1.38. Profits backed by cash
FCF $0.0B, FCF/NI = 0.73
Accruals ratio = -5.1%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 0.3x. Healthy
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = 7.22 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
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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