F

Perella Weinberg Partners — Earnings Quality Grade F

PWP · Financial Services

Major red flags

Revenue
$751M
2025
Net Income
$35M
2025
Gross Margin
43.3%
Free Cash Flow
$30M
01

Screening Summary

13
Passed
2
Watch
2
Failed
-2.23
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 30 days, change +0 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue -14.5%, CFFO -84.4%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -73.7% vs revenue -14.5%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 60.2%. Normal

B4Gross Margin

Gross margin 43.3%, change +3.2pp. Stable

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 $0.0B, FCF/NI = 0.86

C3Accruals Ratio

Accruals ratio = 0.1%. Low accruals

C4Cash vs Debt

Cash $0.3B covers debt $0.2B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = -67% of equity. Manageable

D2Leverage

Debt/EBITDA = 2.7x. Healthy

!
D3Soft Asset Growth

Other assets grew 60.1% vs revenue -14.5%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

!
E2Goodwill Surge

Goodwill+Intangibles surged 81% YoY

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.23 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.23
-4.0 Clean-2.22 Grey-1.78 Danger0
1
DSRI
AR growing faster than revenue?
0.926
GMI
Gross margin declining?
1.699
AQI
Asset quality deteriorating?
0.855
SGI
Revenue growth rate
0.945
DEPI
Depreciation slowing?
0.645
SGAI
SG&A ratio changing?
0.0009
TATA
Accruals level
0.751
LVGI
Leverage increasing?

Altman Z-Score — Not Applicable

Perella Weinberg Partners 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