Fennec Pharmaceuticals Inc. — Earnings Quality Grade C
FENC · Healthcare
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 91 days (99 → 190)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 80.2% exceeds revenue growth -6.1%
Revenue -6.1%, CFFO -146.2%. Cash follows revenue
Expense Quality
Inventory growth 47.6% exceeds COGS 18.2%
Insufficient data
SG&A/Gross Profit = 114.8%, exceeds 70%
Gross margin 91.6%, change -1.7pp. Stable
Cash Flow Quality
CFFO/NI = 1.28. Profits backed by cash
FCF is negative ($-0.0B)
Accruals ratio = 3.9%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -3.1x (<2x). Financial stress
Other assets -12.8% vs revenue -6.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
Insufficient data
Portfolio monitoring
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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