C

Siebert Financial Corp. — Earnings Quality Grade C

SIEB · Financial Services

Some red flags

Revenue
$89M
2025
Net Income
$5M
2025
Gross Margin
32.2%
Free Cash Flow
$7M
01

Screening Summary

12
Passed
3
Watch
1
Failed
-2.55
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 328 days, change -72 days YoY

A2AR vs Revenue Growth

AR growth -9.1% vs revenue growth 11.0%

!
A3Revenue vs CFFO

Revenue grew 11.0% but CFFO only 1.9%

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -31.2% vs revenue 11.0%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 73.7%, exceeds 70%

!
B4Gross Margin

Gross margin swung -11.2pp (43.4% → 32.2%)

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 2.00. Profits backed by cash

C2Free Cash Flow

FCF < 50% of Net Income for 2 years

C3Accruals Ratio

Accruals ratio = -0.7%. Low accruals

C4Cash vs Debt

Cash $0.5B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 10% of equity. Manageable

D2Leverage

Debt/EBITDA = 1.4x. Healthy

D3Soft Asset Growth

Insufficient data

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 16% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.55 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-2.55
-4.0 Clean-2.22 Grey-1.78 Danger0
0.819
DSRI
AR growing faster than revenue?
1.348
GMI
Gross margin declining?
0.863
AQI
Asset quality deteriorating?
1.11
SGI
Revenue growth rate
0.617
DEPI
Depreciation slowing?
1.193
SGAI
SG&A ratio changing?
-0.0067
TATA
Accruals level
1.054
LVGI
Leverage increasing?

Altman Z-Score — Not Applicable

Siebert Financial Corp. is a financial company. Z-Score is designed for non-financial companies.

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