F

PAMT CORP — Earnings Quality Grade F

PAMT · Industrials

Major red flags

Revenue
$598M
2025
Net Income
-$53M
2025
Gross Margin
-2.1%
Free Cash Flow
-$23M
01

Screening Summary

10
Passed
4
Watch
3
Failed
-3.28
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 41 days, change +1 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue -16.3%, CFFO -70.6%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -4.2% vs COGS -12.8%. Normal

B2CapEx vs Revenue

CapEx growth -71.1% vs revenue -16.3%. Normal

B3SG&A Ratio

SG&A/Gross Profit = -380.5%, excellent (<30%)

B4Gross Margin

Gross margin -2.1%, change -4.1pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -0.33. Below 1.0

!
C2Free Cash Flow

FCF is negative ($-0.0B)

C3Accruals Ratio

Accruals ratio = -10.0%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 25% of debt $0.3B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = 11.0x (>4x). Interest coverage = -4.6x (<2x). Financial stress

!
D3Soft Asset Growth

Other assets grew 269.2% vs revenue -16.3%

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.28 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-3.28
-4.0 Clean-2.22 Grey-1.78 Danger0
1.034
DSRI
AR growing faster than revenue?
-0.989
GMI
Gross margin declining?
3.923
AQI
Asset quality deteriorating?
0.837
SGI
Revenue growth rate
1.142
DEPI
Depreciation slowing?
2.826
SGAI
SG&A ratio changing?
-0.1002
TATA
Accruals level
1.167
LVGI
Leverage increasing?
05

Altman Z-Score

1.17
Grey Zone
0 Distress1.102.605.0+ Safe
0.0457
Liquidity
0.283
Cumulative profit
-0.0757
Operating efficiency
0.4318
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25