CONMED Corporation — Earnings Quality Grade F
CNMD · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 66 days, change -1 days YoY
AR growth 4.2% vs revenue growth 5.2%
Revenue 5.2%, CFFO 2.2%. Cash follows revenue
Expense Quality
Inventory 2.5% vs COGS 8.8%. Normal
CapEx growth 51.4% is >2x revenue growth 5.2%
SG&A/Gross Profit = 78.9%, exceeds 70%
Gross margin 54.6%, change -1.5pp. Stable
Cash Flow Quality
CFFO/NI = 3.63. Profits backed by cash
FCF $0.2B, FCF/NI = 3.21
Accruals ratio = -5.3%. Low accruals
Cash $0.0B covers only 5% of debt $0.8B
Balance Sheet Health
Goodwill+Intangibles $1.4B = 134% of equity. Over 50%
Debt/EBITDA = 4.7x (>4x). Financial stress
Other assets 17.9% vs revenue 5.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.70 (< -2.22). Unlikely manipulator
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