Lumexa Imaging Holdings, Inc. — Earnings Quality Grade F
LMRI · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 47 days, change -3 days YoY
AR growth 1.1% vs revenue growth 7.8%
Revenue 7.8%, CFFO -58.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -15.5% vs revenue 7.8%. Normal
SG&A/Gross Profit = 57.4%. Normal
Gross margin swung +5.3pp (10.1% → 15.4%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -3.6%. Low accruals
Cash $0.1B covers only 6% of debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $0.8B = 145% of equity. Over 50%
Debt/EBITDA = 6.8x (>4x). Interest coverage = 0.2x (<2x). Financial stress
Other assets grew 76.1% vs revenue 7.8%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -2.76 (< -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