B

Ennis, Inc. — Earnings Quality Grade B

EBF · Industrials

Generally healthy

Revenue
$395M
2025
Net Income
$40M
2025
Gross Margin
29.7%
Free Cash Flow
$60M
01

Screening Summary

15
Passed
2
Watch
0
Failed
-2.89
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 36 days, change -1 days YoY

A2AR vs Revenue Growth

AR growth -9.6% vs revenue growth -6.1%

A3Revenue vs CFFO

Revenue -6.1%, CFFO -4.7%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -3.1% vs COGS -5.9%. Normal

B2CapEx vs Revenue

CapEx growth -9.4% vs revenue -6.1%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 55.7%. Normal

B4Gross Margin

Gross margin 29.7%, change -0.1pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.64. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 1.49

C3Accruals Ratio

Accruals ratio = -7.3%. Low accruals

C4Cash vs Debt

Cash $0.1B covers debt $0.0B

04

Balance Sheet Health

!
D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 42% of equity

D2Leverage

Debt/EBITDA = 0.1x. Healthy

!
D3Soft Asset Growth

Other assets grew 1721.2% vs revenue -6.1%

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 = -2.89 (< -2.22). Unlikely manipulator

04

Beneish M-Score

Manipulation Probability-2.89
-4.0 Clean-2.22 Grey-1.78 Danger0
0.963
DSRI
AR growing faster than revenue?
1.004
GMI
Gross margin declining?
1.151
AQI
Asset quality deteriorating?
0.939
SGI
Revenue growth rate
1.014
DEPI
Depreciation slowing?
1.011
SGAI
SG&A ratio changing?
-0.0735
TATA
Accruals level
1.127
LVGI
Leverage increasing?
05

Altman Z-Score

11.72
Safe Zone
0 Distress1.102.605.0+ Safe
0.3423
Liquidity
0.5286
Cumulative profit
0.1488
Operating efficiency
6.4313
Leverage

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