F

Global Net Lease, Inc. — Earnings Quality Grade F

GNL · Real Estate

Major red flags

Revenue
$495M
2025
Net Income
-$225M
2025
Gross Margin
89.7%
Free Cash Flow
$189M
01

Screening Summary

11
Passed
0
Watch
3
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

Insufficient data

A2AR vs Revenue Growth

Insufficient data

A3Revenue vs CFFO

Revenue -13.1%, CFFO -25.6%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -26.8% vs revenue -13.1%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 14.7%, excellent (<30%)

B4Gross Margin

Gross margin 89.7%, change +1.0pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

C2Free Cash Flow

FCF $0.2B, FCF/NI = -0.84

C3Accruals Ratio

Accruals ratio = -10.3%. Low accruals

C4Cash vs Debt

Cash $0.2B covers only 7% of debt $2.6B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 3% of equity. Manageable

D2Leverage

Debt/EBITDA = 8.3x (>4x). Interest coverage = 1.0x (<2x). Financial stress

D3Soft Asset Growth

Other assets 17.3% vs revenue -13.1%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -11% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Calculation error: float division by zero

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Altman Z-Score — Not Applicable

Global Net Lease, 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