D

GCM Grosvenor Inc. — Earnings Quality Grade D

GCMG · Financial Services

Significant concerns

Revenue
$566M
2025
Net Income
$45M
2025
Gross Margin
Free Cash Flow
$175M
01

Screening Summary

10
Passed
3
Watch
2
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 63 days, change +3 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue 8.0%, CFFO 23.4%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -49.2% vs revenue 8.0%. Normal

B3SG&A Ratio

Insufficient data

!
B4Gross Margin

Gross margin swung +23.7pp (21.2% → 45.0%)

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 4.05. Profits backed by cash

C2Free Cash Flow

FCF $0.2B, FCF/NI = 3.86

C3Accruals Ratio

Accruals ratio = -17.0%. Low accruals

!
C4Cash vs Debt

Cash $0.2B covers 50% of debt $0.5B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 107% of equity. Over 50%

D2Leverage

Debt/EBITDA = 2.6x. Healthy

!
D3Soft Asset Growth

Other assets grew 36.4% vs revenue 8.0%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -4% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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Altman Z-Score — Not Applicable

GCM Grosvenor 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