F

Peakstone Realty Trust — Earnings Quality Grade F

PKST · Real Estate

Major red flags

Revenue
$106M
2025
Net Income
-$308M
2025
Gross Margin
86.5%
Free Cash Flow
$69M
01

Screening Summary

9
Passed
1
Watch
3
Failed
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

Insufficient data

A2AR vs Revenue Growth

Insufficient data

A3Revenue vs CFFO

Revenue -8.9%, CFFO -27.4%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

Insufficient data

B3SG&A Ratio

SG&A/Gross Profit = 38.1%. Normal

!
B4Gross Margin

Gross margin swung +6.8pp (79.7% → 86.5%)

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.

C2Free Cash Flow

FCF $0.1B, FCF/NI = -0.22

C3Accruals Ratio

Accruals ratio = -27.8%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 29% of debt $0.5B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 9% of equity. Manageable

D2Leverage

Debt/EBITDA = 9.8x (>4x). Interest coverage = 0.1x (<2x). Financial stress

D3Soft Asset Growth

Other assets -49.2% vs revenue -8.9%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -2% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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Altman Z-Score — Not Applicable

Peakstone Realty Trust 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