F

Greenbrier Companies, Inc. (The — Earnings Quality Grade F

GBX · Industrials

Major red flags

Revenue
$3.2B
2025
Net Income
$204M
2025
Gross Margin
18.7%
Free Cash Flow
-$15M
01

Screening Summary

13
Passed
0
Watch
4
Failed
-2.61
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 59 days, change +5 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue -8.6%, CFFO -19.4%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -10.7% vs COGS -11.8%. Normal

B2CapEx vs Revenue

CapEx growth -29.6% vs revenue -8.6%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 43.3%. Normal

B4Gross Margin

Gross margin 18.7%, change +3.0pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.30. Profits backed by cash

C2Free Cash Flow

FCF < 50% of Net Income for 3 years

C3Accruals Ratio

Accruals ratio = -1.4%. Low accruals

C4Cash vs Debt

Cash $0.3B covers only 17% of debt $1.8B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.2B = 10% of equity. Manageable

D2Leverage

Debt/EBITDA = 3.8x. Healthy

D3Soft Asset Growth

Other assets -9.3% vs revenue -8.6%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.

E2Goodwill Surge

Goodwill+Intangibles change -3% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.61 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.61
-4.0 Clean-2.22 Grey-1.78 Danger0
1.099
DSRI
AR growing faster than revenue?
0.84
GMI
Gross margin declining?
1.011
AQI
Asset quality deteriorating?
0.914
SGI
Revenue growth rate
1.044
DEPI
Depreciation slowing?
1.166
SGAI
SG&A ratio changing?
-0.0141
TATA
Accruals level
0.934
LVGI
Leverage increasing?
05

Altman Z-Score

3.6
Safe Zone
0 Distress1.102.605.0+ Safe
0.2337
Liquidity
0.275
Cumulative profit
0.0834
Operating efficiency
0.5833
Leverage

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