Core Scientific, Inc. — Earnings Quality Grade F
CORZ · Technology
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 380 days (5 → 386)
AR outpaced revenue for 2 consecutive years
Revenue -37.5%, CFFO 548.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 676.5% is >2x revenue growth -37.5%
SG&A/Gross Profit = 481.8%, exceeds 70%
Gross margin swung -11.8pp (23.7% → 11.9%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.5B)
Accruals ratio = -24.1%. Low accruals
Cash $0.3B covers only 27% of debt $1.2B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -8.1x. Healthy
Other assets grew 166.9% vs revenue -37.5%
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 2/3 years
No goodwill
Manipulation Score
M-Score = 62.69 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25