F

JELD-WEN Holding, Inc. — Earnings Quality Grade F

JELD · Industrials

Major red flags

Revenue
$3.2B
2025
Net Income
-$621M
2025
Gross Margin
16.0%
Free Cash Flow
-$141M
01

Screening Summary

10
Passed
6
Watch
2
Failed
-4.13
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 41 days, change +4 days YoY

A2AR vs Revenue Growth

AR growth -7.0% vs revenue growth -14.9%

A3Revenue vs CFFO

Revenue -14.9%, CFFO -104.6%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -3.5% vs COGS -12.6%. Normal

B2CapEx vs Revenue

CapEx growth -21.7% vs revenue -14.9%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 107.8%, exceeds 70%

B4Gross Margin

Gross margin 16.0%, change -2.2pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = 0.01. Below 1.0

!
C2Free Cash Flow

FCF is negative ($-0.1B)

C3Accruals Ratio

Accruals ratio = -29.3%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 10% of debt $1.4B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 104% of equity. Over 50%

!
D2Leverage

Interest coverage = -0.6x (<2x). Financial stress

!
D3Soft Asset Growth

Other assets grew 25.9% vs revenue -14.9%

D4Asset Impairment

Write-offs normal

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

Goodwill+Intangibles change -77% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -4.13 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-4.13
-4.0 Clean-2.22 Grey-1.78 Danger0
1.093
DSRI
AR growing faster than revenue?
1.14
GMI
Gross margin declining?
0.363
AQI
Asset quality deteriorating?
0.851
SGI
Revenue growth rate
1.223
DEPI
Depreciation slowing?
0.996
SGAI
SG&A ratio changing?
-0.2931
TATA
Accruals level
1.211
LVGI
Leverage increasing?
05

Altman Z-Score

-0.88
Distress Zone
0 Distress1.102.605.0+ Safe
0.2087
Liquidity
-0.3051
Cumulative profit
-0.1936
Operating efficiency
0.0459
Leverage

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