Kelly Services, Inc. — Earnings Quality Grade F
KELYA · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 102 days, change -4 days YoY
AR growth -5.3% vs revenue growth -1.9%
Revenue -1.9%, CFFO 355.8%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -23.4% vs revenue -1.9%. Normal
SG&A/Gross Profit = 96.8%, exceeds 70%
Gross margin 20.1%, change -0.3pp. Stable
Cash Flow Quality
CFFO/NI = -0.48. Below 1.0
FCF $0.1B, FCF/NI = -0.45
Accruals ratio = -16.7%. Low accruals
Cash $0.0B covers only 21% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 46% of equity
Debt/EBITDA = -12.1x. Healthy
Other assets -29.9% vs revenue -1.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -23% YoY. Normal
Manipulation Score
M-Score = -3.37 (< -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