Gencor Industries, Inc. — Earnings Quality Grade F
GENC · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 10 days, change +4 days YoY
AR growth 58.1% exceeds revenue growth 2.0%
Revenue 2.0%, CFFO -67.0%. Cash follows revenue
Expense Quality
Inventory -16.1% vs COGS 2.3%. Normal
CapEx growth 133.7% is >2x revenue growth 2.0%
SG&A/Gross Profit = 47.1%. Normal
Gross margin 27.5%, change -0.2pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = 0.07
Accruals ratio = 5.7%. Elevated
Cash $0.1B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 0.0x. Healthy
Other assets 2.3% vs revenue 2.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -1.52 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
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