Evolus, Inc. Common Stock — Earnings Quality Grade F
EOLS · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 67 days, change +2 days YoY
AR outpaced revenue for 2 consecutive years
Revenue grew 11.6% but CFFO declined -134.8%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory growth 121.8% exceeds COGS 19.2%
CapEx growth 75.2% is >2x revenue growth 11.6%
SG&A/Gross Profit = 112.0%, exceeds 70%
Gross margin 66.3%, change -2.1pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -4.2%. Low accruals
Cash $0.1B covers only 35% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.1B = -300% of equity. Manageable
Interest coverage = -1.9x (<2x). Financial stress
Other assets grew 39.7% vs revenue 11.6%
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 = -2.61 (< -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