enCore Energy Corp. — Earnings Quality Grade F
EU · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
Insufficient data
AR growth -100.0% vs revenue growth 163.4%
Revenue -26.0%, CFFO 44.7%. Cash follows revenue
Expense Quality
Inventory -74.6% vs COGS -48.9%. Normal
CapEx growth 85.0% is >2x revenue growth -26.0%
SG&A/Gross Profit = 439.7%, exceeds 70%
Gross margin swung +34.8pp (-12.4% → 22.5%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -7.4%. Low accruals
Cash $0.1B covers 85% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 1% of equity. Manageable
Interest coverage = -19.4x (<2x). Financial stress
Other assets 17.0% vs revenue -26.0%. 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 surged 211% YoY
Manipulation Score
Calculation error: float division by zero
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25