Dave Inc. — Earnings Quality Grade C
DAVE · Technology
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 11 days
AR outpaced revenue for 2 consecutive years
Revenue 59.7%, CFFO 131.8%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -10.4% vs revenue 59.7%. Normal
SG&A/Gross Profit = 35.3%. Normal
Gross margin swung +5.4pp (81.2% → 86.7%)
Cash Flow Quality
CFFO/NI = 1.48. Profits backed by cash
FCF $0.3B, FCF/NI = 1.45
Accruals ratio = -19.3%. Low accruals
Cash $0.1B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 4% of equity. Manageable
Debt/EBITDA = 0.4x. Healthy
Other assets 7.8% vs revenue 59.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -2.28 (< -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