Open Lending Corporation — Earnings Quality Grade F
LPRO · Financial Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 14 days, change -62 days YoY
AR growth -27.7% vs revenue growth 288.0%
Revenue grew 288.0% but CFFO declined -118.1%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
No material inventory
CapEx growth -73.6% vs revenue 288.0%. Normal
SG&A/Gross Profit = 94.7%, exceeds 70%
Gross margin swung +76.2pp (0.7% → 76.9%)
Cash Flow Quality
CFFO/NI = 0.75. Below 1.0
FCF is negative ($-0.0B)
Accruals ratio = -0.4%. Low accruals
Cash $0.2B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Debt/EBITDA = 20.0x (>4x). Interest coverage = -0.5x (<2x). Financial stress
Other assets -36.4% vs revenue 288.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -25% YoY. Normal
Manipulation Score
M-Score = -1.17 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
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Beneish M-Score
Altman Z-Score — Not Applicable
Open Lending Corporation is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25