Eastman Kodak Company — Earnings Quality Grade F
KODK · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 50 days, change +1 days YoY
AR growth 5.1% vs revenue growth 2.5%
Revenue 2.5%, CFFO 6957.1%. Cash follows revenue
Expense Quality
Inventory -0.5% vs COGS -0.4%. Normal
CapEx growth -39.3% vs revenue 2.5%. Normal
SG&A/Gross Profit = 75.0%, exceeds 70%
Gross margin 21.7%, change +2.2pp. 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 < 50% of Net Income for 2 years
Accruals ratio = -37.6%. Low accruals
Cash $0.3B covers debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 4% of equity. Manageable
Interest coverage = -2.1x (<2x). Financial stress
Other assets grew 28.4% vs revenue 2.5%
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -9% YoY. Normal
Manipulation Score
M-Score = -4.35 (< -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