Kennedy-Wilson Holdings Inc. — Earnings Quality Grade F
KW · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 53 days, change -1 days YoY
AR growth -8.1% vs revenue growth -5.7%
Revenue -5.7%, CFFO -79.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -49.4% vs revenue -5.7%. Normal
SG&A/Gross Profit = 47.8%. Normal
Gross margin 71.9%, change +1.5pp. Stable
Cash Flow Quality
CFFO/NI = 2.43. Profits backed by cash
FCF is negative ($-0.1B)
Accruals ratio = -0.1%. Low accruals
Cash $0.2B covers only 4% of debt $4.5B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 2% of equity. Manageable
Debt/EBITDA = 11.0x (>4x). Interest coverage = 0.2x (<2x). Financial stress
Other assets grew 157.3% vs revenue -5.7%
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.
Goodwill+Intangibles surged 43% YoY
Manipulation Score
M-Score = -2.59 (< -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