F

FrontView REIT, Inc. — Earnings Quality Grade F

FVR · Real Estate

Major red flags

Revenue
$67M
2025
Net Income
-$4M
2025
Gross Margin
85.4%
Free Cash Flow
$42M
01

Screening Summary

12
Passed
0
Watch
4
Failed
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 16 days, change -31 days YoY

A2AR vs Revenue Growth

AR growth 50.2% vs revenue growth 341.0%

A3Revenue vs CFFO

Revenue 341.0%, CFFO 1469.2%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

Insufficient data

B3SG&A Ratio

SG&A/Gross Profit = 22.6%, excellent (<30%)

B4Gross Margin

Gross margin 85.4%, change -0.3pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.

C2Free Cash Flow

FCF $0.0B, FCF/NI = -11.00

C3Accruals Ratio

Accruals ratio = -5.4%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 4% of debt $0.3B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 25% of equity. Manageable

D2Leverage

Debt/EBITDA = 6.7x (>4x). Interest coverage = 0.6x (<2x). Financial stress

D3Soft Asset Growth

Other assets -6.1% vs revenue 341.0%. Normal

D4Asset Impairment

Write-offs surged 169% YoY, = 273% of NI. Possible big bath

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -13% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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Altman Z-Score — Not Applicable

FrontView REIT, Inc. 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