PDF Solutions, Inc. — Earnings Quality Grade C
PDFS · Technology
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 138 days, change -12 days YoY
AR growth 12.6% vs revenue growth 22.0%
Revenue 22.0%, CFFO 147.9%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 84.7% is >2x revenue growth 22.0%
SG&A/Gross Profit = 53.5%. Normal
Gross margin 72.3%, change +2.5pp. Stable
Cash Flow Quality
CFFO/NI = -37.58. Below 1.0
FCF is negative ($-0.0B)
Accruals ratio = -5.9%. Low accruals
Cash $0.0B covers 58% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 54% of equity. Over 50%
Interest coverage = 1.5x (<2x). Financial stress
Other assets -66.4% vs revenue 22.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 440% YoY
Manipulation Score
M-Score = -2.38 (< -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