C

FutureFuel Corp. — Earnings Quality Grade C

FF · Basic Materials

Some red flags

Revenue
$96M
2025
Net Income
-$49M
2025
Gross Margin
-41.2%
Free Cash Flow
-$46M
01

Screening Summary

9
Passed
6
Watch
1
Failed
-3.62
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 increased by 13 days

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue -60.7%, CFFO -215.9%. Cash follows revenue

02

Expense Quality

!
B1Inventory vs COGS

Inventory growth 7.9% exceeds COGS -39.6%

B2CapEx vs Revenue

CapEx growth 17.6% vs revenue -60.7%. Normal

B3SG&A Ratio

SG&A/Gross Profit = -24.6%, excellent (<30%)

!
B4Gross Margin

Gross margin swung -49.3pp (8.1% → -41.2%)

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = 0.58. Below 1.0

!
C2Free Cash Flow

FCF is negative ($-0.0B)

C3Accruals Ratio

Accruals ratio = -10.7%. Low accruals

C4Cash vs Debt

Insufficient data

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

!
D2Leverage

Interest coverage = -346.3x (<2x). Financial stress

D3Soft Asset Growth

Other assets 12.7% vs revenue -60.7%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.62 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-3.62
-4.0 Clean-2.22 Grey-1.78 Danger0
1.571
DSRI
AR growing faster than revenue?
-0.196
GMI
Gross margin declining?
1.452
AQI
Asset quality deteriorating?
0.393
SGI
Revenue growth rate
1.048
DEPI
Depreciation slowing?
2.657
SGAI
SG&A ratio changing?
-0.1075
TATA
Accruals level
0.686
LVGI
Leverage increasing?
05

Altman Z-Score

4.61
Safe Zone
0 Distress1.102.605.0+ Safe
0.4306
Liquidity
-0.2552
Cumulative profit
-0.2553
Operating efficiency
4.1218
Leverage

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