O-I Glass, Inc. — Earnings Quality Grade F
OI · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 34 days, change +2 days YoY
AR growth 5.1% vs revenue growth -1.6%
Revenue -1.6%, CFFO 22.7%. Cash follows revenue
Expense Quality
Inventory 4.0% vs COGS -3.1%. Normal
CapEx growth -30.0% vs revenue -1.6%. Normal
SG&A/Gross Profit = 39.6%. Normal
Gross margin 17.3%, change +1.3pp. Stable
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 $0.2B, FCF/NI = -1.30
Accruals ratio = -7.9%. Low accruals
Cash $0.8B covers only 15% of debt $5.0B
Balance Sheet Health
Goodwill+Intangibles $1.7B = 132% of equity. Over 50%
Debt/EBITDA = 6.5x (>4x). Interest coverage = 1.8x (<2x). Financial stress
Other assets 3.7% vs revenue -1.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 10% YoY. Normal
Manipulation Score
M-Score = -2.80 (< -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