F

EverCommerce Inc. — Earnings Quality Grade F

EVCM · Technology

Major red flags

Revenue
$589M
2025
Net Income
$18M
2025
Gross Margin
77.6%
Free Cash Flow
$80M
01

Screening Summary

12
Passed
3
Watch
2
Failed
-2.63
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 23 days, change +3 days YoY

!
A2AR vs Revenue Growth

AR growth 19.2% exceeds revenue growth 4.8%

A3Revenue vs CFFO

Revenue 4.8%, CFFO -1.5%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 68.5% is >2x revenue growth 4.8%

B3SG&A Ratio

SG&A/Gross Profit = 55.0%. Normal

B4Gross Margin

Gross margin 77.6%, change -0.2pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 6.33. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 4.52

C3Accruals Ratio

Accruals ratio = -6.8%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 25% of debt $0.5B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $1.1B = 156% of equity. Over 50%

!
D2Leverage

Debt/EBITDA = 4.1x (>4x). Financial stress

D3Soft Asset Growth

Other assets -55.2% vs revenue 4.8%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 0% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.63 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-2.63
-4.0 Clean-2.22 Grey-1.78 Danger0
1.138
DSRI
AR growing faster than revenue?
1.003
GMI
Gross margin declining?
0.998
AQI
Asset quality deteriorating?
1.048
SGI
Revenue growth rate
1.014
DEPI
Depreciation slowing?
0.988
SGAI
SG&A ratio changing?
-0.0684
TATA
Accruals level
1.012
LVGI
Leverage increasing?
05

Altman Z-Score

0.45
Distress Zone
0 Distress1.102.605.0+ Safe
0.0817
Liquidity
-0.4691
Cumulative profit
0.0433
Operating efficiency
1.0946
Leverage

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