F

Postal Realty Trust, Inc. — Earnings Quality Grade F

PSTL · Real Estate

Major red flags

Revenue
$96M
2025
Net Income
$14M
2025
Gross Margin
78.1%
Free Cash Flow
$38M
01

Screening Summary

13
Passed
2
Watch
1
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

DSO 20 days, change -12 days YoY

A2AR vs Revenue Growth

AR growth -21.4% vs revenue growth 25.5%

A3Revenue vs CFFO

Revenue 25.5%, CFFO 32.8%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 150.0% is >2x revenue growth 25.5%

B3SG&A Ratio

SG&A/Gross Profit = 23.0%, excellent (<30%)

B4Gross Margin

Gross margin 78.1%, change +2.9pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 3.15. Profits backed by cash

C2Free Cash Flow

FCF $0.0B, FCF/NI = 2.66

C3Accruals Ratio

Accruals ratio = -4.0%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 0% of debt $0.4B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 6% of equity. Manageable

!
D2Leverage

Debt/EBITDA = 6.3x (>4x). Financial stress

D3Soft Asset Growth

Other assets -18.7% vs revenue 25.5%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 24% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Insufficient data

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Altman Z-Score — Not Applicable

Postal 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