LiveWire Group, Inc. — Earnings Quality Grade F
LVWR · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 56 days, change -2 days YoY
AR growth -7.1% vs revenue growth -3.6%
Revenue -3.6%, CFFO 42.9%. Cash follows revenue
Expense Quality
Inventory -43.4% vs COGS -23.6%. Normal
CapEx growth -52.8% vs revenue -3.6%. Normal
SG&A/Gross Profit = -1602.8%, excellent (<30%)
Gross margin swung +30.7pp (-48.0% → -17.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -14.7%. Low accruals
Cash $0.1B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 20% of equity. Manageable
Interest coverage = -296.0x (<2x). Financial stress
Other assets -26.2% vs revenue -3.6%. Normal
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 change -3% YoY. Normal
Manipulation Score
M-Score = -3.06 (< -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