Paysign, Inc. — Earnings Quality Grade F
PAYS · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 117 days (204 → 321)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue 40.5%, CFFO 128.6%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -14.7% vs revenue 40.5%. Normal
SG&A/Gross Profit = 67.8%. Normal
Gross margin 59.4%, change +4.2pp. Stable
Cash Flow Quality
CFFO/NI = 6.95. Profits backed by cash
FCF $0.0B, FCF/NI = 5.87
Accruals ratio = -16.3%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 55% of equity. Over 50%
Debt/EBITDA = 0.4x. Healthy
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 119% YoY
Manipulation Score
M-Score = -2.29 (< -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