Gevo, Inc. — Earnings Quality Grade F
GEVO · Basic Materials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 19 days, change -33 days YoY
AR growth 248.2% vs revenue growth 849.3%
Revenue grew 849.3% but CFFO only 76.6%
Expense Quality
Inventory 323.7% vs COGS 610.2%. Normal
CapEx growth -41.1% vs revenue 849.3%. Normal
SG&A/Gross Profit = 68.0%. Normal
Gross margin swung +17.9pp (29.0% → 46.9%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -2.8%. Low accruals
Cash $0.1B covers only 48% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 30% of equity. Manageable
Debt/EBITDA = 13.6x (>4x). Interest coverage = -1.1x (<2x). Financial stress
Other assets -77.2% vs revenue 849.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles surged 1067% YoY
Manipulation Score
M-Score = 4.02 (> -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