Franklin Street Properties Corp — Earnings Quality Grade F
FSP · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 15 days (119 → 134)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue -10.8%, CFFO -58.2%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -34.9% vs revenue -10.8%. Normal
SG&A/Gross Profit = 26.5%, excellent (<30%)
Gross margin 43.8%, change +0.2pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -5.5%. Low accruals
Cash $0.0B covers only 12% of debt $0.2B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 9.8x (>4x). Interest coverage = -0.3x (<2x). Financial stress
Other assets grew 31.0% vs revenue -10.8%
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
M-Score = -2.73 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score — Not Applicable
Franklin Street Properties Corp is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25