Global Business Travel Group, I — Earnings Quality Grade F
GBTG · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 31 days (86 → 117)
AR growth 52.2% exceeds revenue growth 12.2%
Revenue grew 12.2% but CFFO declined -14.3%
Expense Quality
No material inventory
CapEx growth 20.6% vs revenue 12.2%. Normal
SG&A/Gross Profit = 44.8%. Normal
Gross margin 60.1%, change -0.0pp. Stable
Cash Flow Quality
CFFO/NI = 2.14. Profits backed by cash
FCF $0.1B, FCF/NI = 0.95
Accruals ratio = -2.5%. Low accruals
Cash $0.4B covers only 29% of debt $1.5B
Balance Sheet Health
Goodwill+Intangibles $2.5B = 157% of equity. Over 50%
Interest coverage = 1.9x (<2x). Financial stress
Other assets grew 77.4% vs revenue 12.2%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 50% YoY
Manipulation Score
M-Score = -2.09 (grey zone)
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25