Global Water Resources, Inc. — Earnings Quality Grade F
GWRS · Utilities
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 25 days, change +2 days YoY
AR growth 15.9% exceeds revenue growth 5.8%
Revenue 5.8%, CFFO -7.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 108.3% is >2x revenue growth 5.8%
SG&A/Gross Profit = 44.6%. Normal
Gross margin 71.8%, change -2.2pp. Stable
Cash Flow Quality
CFFO/NI = 6.82. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -3.6%. Low accruals
Cash $0.0B covers only 3% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 19% of equity. Manageable
Debt/EBITDA = 5.5x (>4x). Interest coverage = 1.2x (<2x). Financial stress
Other assets grew 31.3% vs revenue 5.8%
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 change -10% YoY. Normal
Manipulation Score
M-Score = -2.49 (< -2.22). Unlikely manipulator
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