F

Chart Industries, Inc. — Earnings Quality Grade F

GTLS · Industrials

Major red flags

Revenue
$4.3B
2025
Net Income
$41M
2025
Gross Margin
33.7%
Free Cash Flow
$203M
01

Screening Summary

14
Passed
1
Watch
2
Failed
-2.59
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 67 days, change +1 days YoY

A2AR vs Revenue Growth

AR growth 4.0% vs revenue growth 2.5%

A3Revenue vs CFFO

Revenue 2.5%, CFFO -41.8%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory 16.7% vs COGS 2.0%. Normal

B2CapEx vs Revenue

CapEx growth -25.6% vs revenue 2.5%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 43.1%. Normal

B4Gross Margin

Gross margin 33.7%, change +0.3pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 7.19. Profits backed by cash

C2Free Cash Flow

FCF $0.2B, FCF/NI = 4.98

C3Accruals Ratio

Accruals ratio = -2.6%. Low accruals

C4Cash vs Debt

Cash $0.4B covers only 10% of debt $3.6B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $5.6B = 173% of equity. Over 50%

!
D2Leverage

Debt/EBITDA = 5.9x (>4x). Financial stress

D3Soft Asset Growth

Other assets 15.6% vs revenue 2.5%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 3% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.59 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-2.59
-4.0 Clean-2.22 Grey-1.78 Danger0
1.014
DSRI
AR growing faster than revenue?
0.99
GMI
Gross margin declining?
0.962
AQI
Asset quality deteriorating?
1.025
SGI
Revenue growth rate
1.015
DEPI
Depreciation slowing?
1.103
SGAI
SG&A ratio changing?
-0.0257
TATA
Accruals level
0.975
LVGI
Leverage increasing?
05

Altman Z-Score

1.64
Grey Zone
0 Distress1.102.605.0+ Safe
0.0786
Liquidity
0.1149
Cumulative profit
0.0327
Operating efficiency
0.5023
Leverage

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