F

CNX Resources Corporation — Earnings Quality Grade F

CNX · Energy

Major red flags

Revenue
$2.1B
2025
Net Income
$633M
2025
Gross Margin
47.2%
Free Cash Flow
$534M
01

Screening Summary

14
Passed
1
Watch
2
Failed
-2.48
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 45 days, change -0 days YoY

A2AR vs Revenue Growth

AR growth 47.4% vs revenue growth 48.9%

A3Revenue vs CFFO

Revenue 48.9%, CFFO 26.1%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory growth 79.8% far exceeds COGS 10.2%, margin rising. Fraud signal

B2CapEx vs Revenue

CapEx growth -8.4% vs revenue 48.9%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 14.9%, excellent (<30%)

!
B4Gross Margin

Gross margin swung +18.5pp (28.8% → 47.2%)

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.63. Profits backed by cash

C2Free Cash Flow

FCF $0.5B, FCF/NI = 0.84

C3Accruals Ratio

Accruals ratio = -4.4%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 0% of debt $2.6B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.4B = 9% of equity. Manageable

D2Leverage

Debt/EBITDA = 1.7x. Healthy

D3Soft Asset Growth

Other assets -32.1% vs revenue 48.9%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -2% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.48 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.48
-4.0 Clean-2.22 Grey-1.78 Danger0
0.99
DSRI
AR growing faster than revenue?
0.609
GMI
Gross margin declining?
0.839
AQI
Asset quality deteriorating?
1.489
SGI
Revenue growth rate
1
DEPI
Depreciation slowing?
0.642
SGAI
SG&A ratio changing?
-0.0435
TATA
Accruals level
1.055
LVGI
Leverage increasing?
05

Altman Z-Score

1.93
Grey Zone
0 Distress1.102.605.0+ Safe
-0.0697
Liquidity
0.2182
Cumulative profit
0.107
Operating efficiency
0.9116
Leverage

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