F

LXP Industrial Trust — Earnings Quality Grade F

LXP · Real Estate

Major red flags

Revenue
$350M
2025
Net Income
$113M
2025
Gross Margin
25.5%
Free Cash Flow
$164M
01

Screening Summary

13
Passed
4
Watch
1
Failed
-1.86
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 4 days, change +2 days YoY

!
A2AR vs Revenue Growth

AR growth 68.3% exceeds revenue growth -2.3%

A3Revenue vs CFFO

Revenue -2.3%, CFFO -10.6%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 40.1% is >2x revenue growth -2.3%

B3SG&A Ratio

SG&A/Gross Profit = 44.9%. Normal

B4Gross Margin

Gross margin 25.5%, change -3.8pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.67. Profits backed by cash

C2Free Cash Flow

FCF $0.2B, FCF/NI = 1.45

C3Accruals Ratio

Accruals ratio = -2.1%. Low accruals

C4Cash vs Debt

Cash $0.2B covers only 14% of debt $1.3B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 4% of equity. Manageable

!
D2Leverage

Interest coverage = 0.8x (<2x). Financial stress

D3Soft Asset Growth

Other assets -25.3% vs revenue -2.3%. Normal

D4Asset Impairment

Write-offs normal

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -65% YoY. Normal

06

Manipulation Score

!
F1Beneish M-Score

M-Score = -1.86 (grey zone)

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04

Beneish M-Score

Manipulation Probability-1.86
-4.0 Clean-2.22 Grey-1.78 Danger0
1.723
DSRI
AR growing faster than revenue?
1.151
GMI
Gross margin declining?
0.977
AQI
Asset quality deteriorating?
0.977
SGI
Revenue growth rate
0.964
DEPI
Depreciation slowing?
1.024
SGAI
SG&A ratio changing?
-0.0214
TATA
Accruals level
0.95
LVGI
Leverage increasing?

Altman Z-Score — Not Applicable

LXP Industrial Trust 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