Public Policy Holding Company, — Earnings Quality Grade F
PPHC · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 42 days, change -2 days YoY
AR growth 18.2% vs revenue growth 24.7%
Revenue 24.7%, CFFO 51.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -80.4% vs revenue 24.7%. Normal
SG&A/Gross Profit = 170.5%, exceeds 70%
Gross margin 10.0%, change -1.6pp. 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 $0.0B, FCF/NI = -0.63
Accruals ratio = -31.5%. Low accruals
Cash $0.0B covers only 30% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 126% of equity. Over 50%
Interest coverage = -5.5x (<2x). Financial stress
Other assets 46.0% vs revenue 24.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -3.79 (< -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