NorthWestern Energy Group, Inc. — Earnings Quality Grade F
NWE · Utilities
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 26 days, change +3 days YoY
AR growth 19.8% exceeds revenue growth 6.4%
Revenue 6.4%, CFFO -3.0%. Cash follows revenue
Expense Quality
Inventory 7.8% vs COGS 5.0%. Normal
CapEx growth -4.5% vs revenue 6.4%. Normal
SG&A/Gross Profit = 17.3%, excellent (<30%)
Gross margin 56.9%, change +0.6pp. Stable
Cash Flow Quality
CFFO/NI = 2.18. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -2.5%. Low accruals
Cash $0.0B covers only 0% of debt $3.4B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 13% of equity. Manageable
Debt/EBITDA = 5.9x (>4x). Financial stress
Other assets grew 29.7% vs revenue 6.4%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change 3% YoY. Normal
Manipulation Score
M-Score = -2.47 (< -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