Select Medical Holdings Corpora — Earnings Quality Grade F
SEM · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 58 days, change +0 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 5.1%, CFFO -33.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 3.2% vs revenue 5.1%. Normal
SG&A/Gross Profit = 24.5%, excellent (<30%)
Gross margin 11.5%, change -0.7pp. Stable
Cash Flow Quality
CFFO/NI = 2.37. Profits backed by cash
FCF $0.1B, FCF/NI = 0.80
Accruals ratio = -3.4%. Low accruals
Cash $0.0B covers only 1% of debt $2.9B
Balance Sheet Health
Goodwill+Intangibles $2.5B = 144% of equity. Over 50%
Debt/EBITDA = 5.4x (>4x). Financial stress
Other assets 11.2% vs revenue 5.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 1% YoY. Normal
Manipulation Score
M-Score = -2.45 (< -2.22). Unlikely manipulator
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