D/B/A Centerspace — Earnings Quality Grade F
CSR · Real Estate
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 3 days, change +2 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 4.9%, CFFO 0.2%. Cash follows revenue
Expense Quality
No material inventory
Insufficient data
SG&A/Gross Profit = 13.3%, excellent (<30%)
Gross margin 57.6%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = 5.60. Profits backed by cash
FCF $0.1B, FCF/NI = 5.60
Accruals ratio = -4.2%. Low accruals
Cash $0.0B covers only 1% of debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Debt/EBITDA = 5.6x (>4x). Interest coverage = 0.5x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -6% YoY. Normal
Manipulation Score
M-Score = -1.20 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score — Not Applicable
D/B/A Centerspace is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25