Ecovyst Inc. — Earnings Quality Grade F
ECVT · Basic Materials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 11 days
AR growth 60.4% exceeds revenue growth 20.9%
Revenue grew 20.9% but CFFO declined -6.4%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory growth 49.1% exceeds COGS 30.0%
CapEx growth 26.7% vs revenue 20.9%. Normal
SG&A/Gross Profit = 41.8%. Normal
Gross margin swung -5.5pp (27.3% → 21.8%)
Cash Flow Quality
CFFO/NI = -1.97. Below 1.0
FCF $0.1B, FCF/NI = -0.98
Accruals ratio = -16.8%. Low accruals
Cash $0.2B covers only 46% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 64% of equity. Over 50%
Debt/EBITDA = 3.1x. Healthy
Other assets -94.0% vs revenue 20.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.71 (< -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