NANO-X IMAGING LTD — Earnings Quality Grade F
NNOX · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 58 days, change +4 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 13.9%, CFFO 18.3%. Cash follows revenue
Expense Quality
Inventory -36.6% vs COGS 32.7%. Normal
CapEx growth -16.2% vs revenue 13.9%. Normal
SG&A/Gross Profit = -242.7%, excellent (<30%)
Gross margin swung -27.5pp (-66.6% → -94.0%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -8.1%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 37% of equity
Debt/EBITDA = -0.2x. Healthy
Other assets -14.5% vs revenue 13.9%. 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 -13% YoY. Normal
Manipulation Score
M-Score = -2.75 (< -2.22). Unlikely manipulator
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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