Ispire Technology Inc. — Earnings Quality Grade D
ISPR · Consumer Defensive
Significant concerns
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 114 days, change -30 days YoY
AR growth -33.6% vs revenue growth -16.1%
Revenue -16.1%, CFFO 59.7%. Cash follows revenue
Expense Quality
Inventory growth 4.4% exceeds COGS -14.2%
CapEx growth -35.1% vs revenue -16.1%. Normal
SG&A/Gross Profit = 169.8%, exceeds 70%
Gross margin 17.8%, change -1.8pp. Stable
Cash Flow Quality
CFFO/NI = 0.19. Below 1.0
FCF is negative ($-0.0B)
Accruals ratio = -31.2%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -0.2x. Healthy
Other assets -25.9% vs revenue -16.1%. Normal
Write-offs surged 266% YoY, = 56% of NI. Possible big bath
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.
No goodwill
Manipulation Score
M-Score = -3.93 (< -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