908 Devices Inc. — Earnings Quality Grade F
MASS · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 74 days, change +6 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 17.7%, CFFO 21.7%. Cash follows revenue
Expense Quality
Inventory 19.3% vs COGS 19.5%. Normal
CapEx growth 58.6% is >2x revenue growth 17.7%
SG&A/Gross Profit = 135.6%, exceeds 70%
Gross margin 50.6%, change -0.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = 22.7%. Exceeds 10%
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 25% of equity. Manageable
Debt/EBITDA = -0.2x. Healthy
Other assets -96.2% vs revenue 17.7%. 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 -6% YoY. Normal
Manipulation Score
M-Score = -1.30 (> -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
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25