Montauk Renewables, Inc. — Earnings Quality Grade F
MNTK · Basic Materials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 14 days, change -3 days YoY
AR growth -16.4% vs revenue growth 0.4%
Revenue 0.4%, CFFO -30.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 87.0% is >2x revenue growth 0.4%
SG&A/Gross Profit = 48.2%. Normal
Gross margin swung -6.8pp (44.1% → 37.3%)
Cash Flow Quality
CFFO far exceeds NI (ratio 17.4x). Non-cash charges depressing profits
FCF < 50% of Net Income for 3 years
Accruals ratio = -6.6%. Low accruals
Cash $0.0B covers only 17% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 7% of equity. Manageable
Debt/EBITDA = 4.3x (>4x). Interest coverage = 0.8x (<2x). Financial stress
Other assets grew 48.7% vs revenue 0.4%
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 8% YoY. Normal
Manipulation Score
M-Score = -2.96 (< -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