Marqeta, Inc. — Earnings Quality Grade C
MQ · Technology
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 24 days, change +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 23.3%, CFFO 179.6%. Cash follows revenue
Expense Quality
Inventory -47.0% vs COGS 20.9%. Normal
CapEx growth 42.7% vs revenue 23.3%. Normal
SG&A/Gross Profit = 84.9%, exceeds 70%
Gross margin 70.0%, change +0.6pp. Stable
Cash Flow Quality
CFFO/NI = -11.68. Below 1.0
FCF $0.1B, FCF/NI = -9.51
Accruals ratio = -11.6%. Low accruals
Cash $0.8B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 27% of equity. Manageable
Debt/EBITDA = -0.8x. Healthy
Other assets -8.8% vs revenue 23.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 34% YoY
Manipulation Score
M-Score = -2.93 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25