Douglas Elliman Inc. — Earnings Quality Grade F
DOUG · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 7 days, change -0 days YoY
AR growth 1.6% vs revenue growth 3.8%
Revenue 3.8%, CFFO 46.5%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -39.4% vs revenue 3.8%. Normal
SG&A/Gross Profit = 73.4%, exceeds 70%
Gross margin 25.3%, change -0.0pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = 6.5%. Elevated
Cash $0.1B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 56% of equity. Over 50%
Interest coverage = -6.4x (<2x). Financial stress
Other assets -2.3% vs revenue 3.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -2.06 (grey zone)
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