Microvision, Inc. — Earnings Quality Grade F
MVIS · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 14 days, change -58 days YoY
AR growth -94.9% vs revenue growth -74.3%
Revenue -74.3%, CFFO 14.3%. Cash follows revenue
Expense Quality
Inventory -67.5% vs COGS 146.3%. Normal
CapEx growth 81.6% is >2x revenue growth -74.3%
SG&A/Gross Profit = -117.2%, excellent (<30%)
Gross margin swung -1375.1pp (-60.3% → -1435.4%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -35.2%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Interest coverage = -3.7x (<2x). Financial stress
Other assets -7.5% vs revenue -74.3%. 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 -100% YoY. Normal
Manipulation Score
M-Score = -6.50 (< -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