Piedmont Realty Trust, Inc. — Earnings Quality Grade F
PDM · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 15 days
AR outpaced revenue for 2 consecutive years
Revenue -0.9%, CFFO -29.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -25.9% vs revenue -0.9%. Normal
SG&A/Gross Profit = 9.1%, excellent (<30%)
Gross margin 59.7%, change +0.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -5.6%. Low accruals
Cash $0.0B covers only 0% of debt $2.2B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 4% of equity. Manageable
Debt/EBITDA = 8.3x (>4x). Interest coverage = 0.6x (<2x). Financial stress
Other assets -19.1% vs revenue -0.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score — Not Applicable
Piedmont Realty Trust, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25