ImmunityBio, Inc. — Earnings Quality Grade F
IBRX · Healthcare
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 79 days (58 → 137)
AR growth 1703.9% exceeds revenue growth 668.3%
Revenue grew 668.3% but CFFO only 22.1%
Expense Quality
Inventory growth -89.0%, COGS data unavailable
CapEx growth -38.3% vs revenue 668.3%. Normal
SG&A/Gross Profit = 133.3%, exceeds 70%
Gross margin 99.3%, change -0.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.3B)
Accruals ratio = -9.3%. Low accruals
Cash $0.2B covers only 47% of debt $0.5B
Balance Sheet Health
Goodwill+Intangibles $0.0B = -3% of equity. Manageable
Interest coverage = -2.3x (<2x). Financial stress
Other assets 281.5% vs revenue 668.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change -12% YoY. Normal
Manipulation Score
M-Score = 4.54 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25