Satellogic Inc. — Earnings Quality Grade F
SATL · Industrials
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 135 days (42 → 176)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue 37.6%, CFFO 25.1%. Cash follows revenue
Expense Quality
Insufficient data
CapEx growth 46.4% vs revenue 37.6%. Normal
SG&A/Gross Profit = 262.7%, exceeds 70%
Gross margin rose +11.5pp while AR increased and AP decreased. Fraud pattern
Cash Flow Quality
CFFO/NI = 5.62. Profits backed by cash
FCF is negative ($-0.0B)
Accruals ratio = 14.6%. Exceeds 10%
Cash $0.1B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 17.4x (>4x). Interest coverage = -2386.1x (<2x). Financial stress
Other assets -22.6% vs revenue 37.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = 1.54 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25