F

Greif Inc. — Earnings Quality Grade F

GEF · Consumer Cyclical

Major red flags

Revenue
$4.4B
2024
Net Income
$269M
2024
Gross Margin
20.6%
Free Cash Flow
$164M
01

Screening Summary

13
Passed
3
Watch
2
Failed
-2.52
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 54 days, change -4 days YoY

A2AR vs Revenue Growth

AR growth -3.1% vs revenue growth 4.3%

A3Revenue vs CFFO

Revenue 4.3%, CFFO -45.2%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -3.1% vs COGS 6.4%. Normal

B2CapEx vs Revenue

CapEx growth -12.7% vs revenue 4.3%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 65.6%. Normal

B4Gross Margin

Gross margin 20.6%, change -1.6pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.32. Profits backed by cash

C2Free Cash Flow

FCF $0.2B, FCF/NI = 0.61

C3Accruals Ratio

Accruals ratio = -1.3%. Low accruals

C4Cash vs Debt

Cash $0.2B covers only 7% of debt $3.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $2.6B = 124% of equity. Over 50%

!
D2Leverage

Debt/EBITDA = 5.1x (>4x). Financial stress

!
D3Soft Asset Growth

Other assets grew 158.8% vs revenue 4.3%

D4Asset Impairment

Write-offs normal

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

Goodwill+Intangibles change 4% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.52 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.52
-4.0 Clean-2.22 Grey-1.78 Danger0
0.929
DSRI
AR growing faster than revenue?
1.077
GMI
Gross margin declining?
1.126
AQI
Asset quality deteriorating?
1.043
SGI
Revenue growth rate
1
DEPI
Depreciation slowing?
1.108
SGAI
SG&A ratio changing?
-0.0131
TATA
Accruals level
1.067
LVGI
Leverage increasing?
05

Altman Z-Score

2.58
Grey Zone
0 Distress1.102.605.0+ Safe
0.0805
Liquidity
0.374
Cumulative profit
0.0493
Operating efficiency
0.4733
Leverage

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