The Joint Corp. — Earnings Quality Grade F
JYNT · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 19 days, change +1 days YoY
AR growth 10.2% exceeds revenue growth 5.2%
Revenue 5.2%, CFFO -80.5%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 26.8% is >2x revenue growth 5.2%
SG&A/Gross Profit = 98.3%, exceeds 70%
Gross margin 79.6%, change +1.6pp. 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 $0.0B, FCF/NI = 0.12
Accruals ratio = 1.8%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 2.5x. Healthy
Other assets 6.2% vs revenue 5.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.09 (grey zone)
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