F

Centuri Holdings, Inc. — Earnings Quality Grade F

CTRI · Utilities

Major red flags

Revenue
$3.0B
2025
Net Income
$22M
2025
Gross Margin
8.3%
Free Cash Flow
-$8M
01

Screening Summary

12
Passed
2
Watch
3
Failed
-2.47
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 39 days, change -0 days YoY

A2AR vs Revenue Growth

AR growth 11.8% vs revenue growth 13.1%

A3Revenue vs CFFO

Revenue grew 13.1% but CFFO declined -50.6%

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -13.1% vs revenue 13.1%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 51.3%. Normal

B4Gross Margin

Gross margin 8.3%, change -0.1pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 3.49. Profits backed by cash

!
C2Free Cash Flow

FCF is negative ($-0.0B)

C3Accruals Ratio

Accruals ratio = -2.3%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 13% of debt $0.9B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.7B = 85% of equity. Over 50%

!
D2Leverage

Interest coverage = 1.2x (<2x). Financial stress

D3Soft Asset Growth

Other assets 4.5% vs revenue 13.1%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 4% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.47 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.47
-4.0 Clean-2.22 Grey-1.78 Danger0
0.989
DSRI
AR growing faster than revenue?
1.012
GMI
Gross margin declining?
0.898
AQI
Asset quality deteriorating?
1.131
SGI
Revenue growth rate
0.996
DEPI
Depreciation slowing?
1.043
SGAI
SG&A ratio changing?
-0.0231
TATA
Accruals level
0.846
LVGI
Leverage increasing?
05

Altman Z-Score

1.73
Grey Zone
0 Distress1.102.605.0+ Safe
0.1599
Liquidity
-0.0533
Cumulative profit
0.0386
Operating efficiency
0.5708
Leverage

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