JetBlue Airways Corporation — Earnings Quality Grade F
JBLU · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 15 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -2.3%, CFFO -165.3%. Cash follows revenue
Expense Quality
Inventory growth 22.2% exceeds COGS 1.1%
CapEx growth -30.7% vs revenue -2.3%. Normal
SG&A/Gross Profit = 22.7%, excellent (<30%)
Gross margin 14.8%, change -2.9pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-1.2B)
Accruals ratio = -3.1%. Low accruals
Cash $2.2B covers only 23% of debt $9.4B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 19.1x (>4x). Interest coverage = -0.6x (<2x). Financial stress
Other assets -15.9% vs revenue -2.3%. Normal
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.
No goodwill
Manipulation Score
M-Score = -2.48 (< -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