Traeger, Inc. — Earnings Quality Grade F
COOK · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 54 days, change +2 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -7.4%, CFFO -14.1%. Cash follows revenue
Expense Quality
Inventory -8.0% vs COGS -2.4%. Normal
CapEx growth -40.2% vs revenue -7.4%. Normal
SG&A/Gross Profit = 84.5%, exceeds 70%
Gross margin 39.2%, change -3.1pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -0.11
Accruals ratio = -20.1%. Low accruals
Cash $0.0B covers only 5% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 227% of equity. Over 50%
Interest coverage = -0.0x (<2x). Financial stress
Other assets -26.9% vs revenue -7.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -23% YoY. Normal
Manipulation Score
M-Score = -3.46 (< -2.22). Unlikely manipulator
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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