Nuvation Bio Inc. — Earnings Quality Grade F
NUVB · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 93 days, change -497 days YoY
AR growth 26.4% vs revenue growth 699.0%
Revenue grew 699.0% but CFFO declined -33.0%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Insufficient data
CapEx growth 5056.8% is >2x revenue growth 699.0%
SG&A/Gross Profit = 282.7%, exceeds 70%
Gross margin swung +75.1pp (10.1% → 85.2%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.2B)
Accruals ratio = -5.2%. Low accruals
Cash $0.5B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -15.6x (<2x). Financial stress
Other assets 12.5% vs revenue 699.0%. 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.
No goodwill
Manipulation Score
M-Score = 2.23 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25