Enovis Corporation — Earnings Quality Grade F
ENOV · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 72 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 6.7%, CFFO 91.4%. Cash follows revenue
Expense Quality
Inventory 6.8% vs COGS -2.6%. Normal
CapEx growth 9.2% vs revenue 6.7%. Normal
SG&A/Gross Profit = 79.5%, exceeds 70%
Gross margin 59.8%, change +3.8pp. 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 $0.0B, FCF/NI = -0.02
Accruals ratio = -36.6%. Low accruals
Cash $0.0B covers only 3% of debt $1.4B
Balance Sheet Health
Goodwill+Intangibles $2.0B = 131% of equity. Over 50%
Interest coverage = -0.5x (<2x). Financial stress
Other assets 5.1% vs revenue 6.7%. 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 -35% YoY. Normal
Manipulation Score
M-Score = -4.28 (< -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