Cytek Biosciences, Inc. — Earnings Quality Grade F
CTKB · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 113 days, change +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 0.5%, CFFO -118.5%. Cash follows revenue
Expense Quality
Inventory 10.3% vs COGS 8.6%. Normal
CapEx growth 12.4% vs revenue 0.5%. Normal
SG&A/Gross Profit = 103.7%, exceeds 70%
Gross margin 51.8%, change -3.6pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -13.4%. Low accruals
Cash $0.3B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 10% of equity. Manageable
Interest coverage = -85.2x (<2x). Financial stress
Other assets grew 40.9% vs revenue 0.5%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -9% YoY. Normal
Manipulation Score
M-Score = -3.32 (< -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