B

SIGA Technologies Inc. — Earnings Quality Grade B

SIGA · Healthcare

Generally healthy

Revenue
$95M
2025
Net Income
$23M
2025
Gross Margin
47.5%
Free Cash Flow
$43M
01

Screening Summary

15
Passed
2
Watch
0
Failed
-3.86
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 13 days, change -43 days YoY

A2AR vs Revenue Growth

AR growth -84.6% vs revenue growth -31.8%

A3Revenue vs CFFO

Revenue -31.8%, CFFO -10.8%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -1.0% vs COGS 13.9%. Normal

!
B2CapEx vs Revenue

CapEx growth 736.3% is >2x revenue growth -31.8%

B3SG&A Ratio

SG&A/Gross Profit = 47.2%. Normal

!
B4Gross Margin

Gross margin swung -21.1pp (68.6% → 47.5%)

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.87. Profits backed by cash

C2Free Cash Flow

FCF $0.0B, FCF/NI = 1.85

C3Accruals Ratio

Accruals ratio = -9.2%. Low accruals

C4Cash vs Debt

Cash $0.2B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 0% of equity. Manageable

D2Leverage

Debt/EBITDA = 0.0x. Healthy

D3Soft Asset Growth

Other assets -19.9% vs revenue -31.8%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 0% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.86 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-3.86
-4.0 Clean-2.22 Grey-1.78 Danger0
0.226
DSRI
AR growing faster than revenue?
1.444
GMI
Gross margin declining?
0.512
AQI
Asset quality deteriorating?
0.682
SGI
Revenue growth rate
0.861
DEPI
Depreciation slowing?
1.238
SGAI
SG&A ratio changing?
-0.092
TATA
Accruals level
0.791
LVGI
Leverage increasing?
05

Altman Z-Score

16.66
Safe Zone
0 Distress1.102.605.0+ Safe
0.8879
Liquidity
0
Cumulative profit
0.108
Operating efficiency
9.6301
Leverage

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