4D Molecular Therapeutics, Inc. — Earnings Quality Grade F
FDMT · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
Insufficient data
Insufficient data
Revenue grew 230194.6% but CFFO only 18.9%
Expense Quality
No material inventory
CapEx growth -85.8% vs revenue 230194.6%. Normal
Insufficient data
Insufficient data
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -5.5%. Low accruals
Cash $0.4B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -0.1x. Healthy
Other assets 115.6% vs revenue 230194.6%. 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.
No goodwill
Manipulation Score
Insufficient data
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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