SI-BONE, Inc. — Earnings Quality Grade F
SIBN · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 54 days, change -6 days YoY
AR growth 8.9% vs revenue growth 20.2%
Revenue 20.2%, CFFO 94.6%. Cash follows revenue
Expense Quality
Inventory 25.2% vs COGS 17.1%. Normal
CapEx growth -19.8% vs revenue 20.2%. Normal
SG&A/Gross Profit = 103.1%, exceeds 70%
Gross margin 79.6%, change +0.5pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -7.6%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -8.5x (<2x). Financial stress
Other assets -81.7% vs revenue 20.2%. 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 = -3.07 (< -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