EVgo Inc. — Earnings Quality Grade F
EVGO · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 55 days, change -35 days YoY
AR growth -8.6% vs revenue growth 49.6%
Revenue grew 49.6% but CFFO declined -6.5%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
No material inventory
CapEx growth 23.1% vs revenue 49.6%. Normal
SG&A/Gross Profit = 219.0%, exceeds 70%
Gross margin swung +9.6pp (11.4% → 21.0%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -3.5%. Low accruals
Cash $0.2B covers only 49% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.1B = -54% of equity. Manageable
Interest coverage = -18.0x (<2x). Financial stress
Other assets 69.3% vs revenue 49.6%. 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 -9% YoY. Normal
Manipulation Score
M-Score = -3.31 (< -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