C

Rush Street Interactive, Inc. — Earnings Quality Grade C

RSI · Consumer Cyclical

Some red flags

Revenue
$1.1B
2025
Net Income
$33M
2025
Gross Margin
34.6%
Free Cash Flow
$132M
01

Screening Summary

16
Passed
0
Watch
1
Failed
-2.96
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 5 days, change -1 days YoY

A2AR vs Revenue Growth

AR growth 6.4% vs revenue growth 22.8%

A3Revenue vs CFFO

Revenue 22.8%, CFFO 55.0%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth 13.4% vs revenue 22.8%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 67.6%. Normal

B4Gross Margin

Gross margin 34.6%, change -0.2pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 4.95. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 3.95

C3Accruals Ratio

Accruals ratio = -20.0%. Low accruals

C4Cash vs Debt

Cash $0.3B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 52% of equity. Over 50%

D2Leverage

Debt/EBITDA = 0.0x. Healthy

D3Soft Asset Growth

Other assets -3.9% vs revenue 22.8%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -1% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.96 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.96
-4.0 Clean-2.22 Grey-1.78 Danger0
0.866
DSRI
AR growing faster than revenue?
1.007
GMI
Gross margin declining?
1.638
AQI
Asset quality deteriorating?
1.228
SGI
Revenue growth rate
0.977
DEPI
Depreciation slowing?
0.816
SGAI
SG&A ratio changing?
-0.2
TATA
Accruals level
0.743
LVGI
Leverage increasing?
05

Altman Z-Score

2.78
Safe Zone
0 Distress1.102.605.0+ Safe
0.2984
Liquidity
-0.1558
Cumulative profit
0.1328
Operating efficiency
0.4147
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25