Seaport Entertainment Group Inc — Earnings Quality Grade F
SEG · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 9 days, change -1 days YoY
AR growth 8.3% vs revenue growth 18.3%
Revenue 18.3%, CFFO 5.8%. Cash follows revenue
Expense Quality
Inventory 24.8% vs COGS 49.2%. Normal
CapEx growth 272.0% is >2x revenue growth 18.3%
SG&A/Gross Profit = 2090.1%, exceeds 70%
Gross margin swung -20.4pp (21.9% → 1.6%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -10.3%. Low accruals
Cash $0.1B covers only 50% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 3% of equity. Manageable
Debt/EBITDA = -2.1x. Healthy
Other assets -44.6% vs revenue 18.3%. 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.
Goodwill+Intangibles change -18% YoY. Normal
Manipulation Score
M-Score = 3.92 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
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