F

Seneca Foods Corp. — Earnings Quality Grade F

SENEA · Consumer Defensive

Major red flags

Revenue
$1.6B
2025
Net Income
$41M
2025
Gross Margin
9.5%
Free Cash Flow
$298M
01

Screening Summary

13
Passed
2
Watch
2
Failed
-3.06
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 22 days, change +2 days YoY

!
A2AR vs Revenue Growth

AR growth 20.8% exceeds revenue growth 8.2%

A3Revenue vs CFFO

Revenue 8.2%, CFFO 504.4%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -30.8% vs COGS 12.5%. Normal

B2CapEx vs Revenue

CapEx growth 1.6% vs revenue 8.2%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 50.2%. Normal

B4Gross Margin

Gross margin 9.5%, change -3.4pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 8.14. Profits backed by cash

C2Free Cash Flow

FCF < 50% of Net Income for 2 years

C3Accruals Ratio

Accruals ratio = -24.9%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 11% of debt $0.4B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = 2.8x. Healthy

D3Soft Asset Growth

Other assets -89.5% vs revenue 8.2%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.06 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-3.06
-4.0 Clean-2.22 Grey-1.78 Danger0
1.116
DSRI
AR growing faster than revenue?
1.356
GMI
Gross margin declining?
1.268
AQI
Asset quality deteriorating?
1.082
SGI
Revenue growth rate
0.981
DEPI
Depreciation slowing?
0.858
SGAI
SG&A ratio changing?
-0.2491
TATA
Accruals level
0.745
LVGI
Leverage increasing?
05

Altman Z-Score

6.78
Safe Zone
0 Distress1.102.605.0+ Safe
0.458
Liquidity
0.6312
Cumulative profit
0.0751
Operating efficiency
1.1543
Leverage

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