F

SkyWest, Inc. — Earnings Quality Grade F

SKYW · Industrials

Major red flags

Revenue
$4.1B
2025
Net Income
$428M
2025
Gross Margin
23.4%
Free Cash Flow
$287M
01

Screening Summary

12
Passed
1
Watch
2
Failed
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 14 days, change +2 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue 15.0%, CFFO 35.8%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory 21.3% vs COGS 13.8%. Normal

!
B2CapEx vs Revenue

CapEx growth 99.0% is >2x revenue growth 15.0%

B3SG&A Ratio

Insufficient data

B4Gross Margin

Gross margin 23.4%, change +0.9pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 2.20. Profits backed by cash

C2Free Cash Flow

FCF $0.3B, FCF/NI = 0.67

C3Accruals Ratio

Accruals ratio = -6.9%. Low accruals

C4Cash vs Debt

Cash $0.7B covers only 29% of debt $2.5B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = 2.4x. Healthy

D3Soft Asset Growth

Other assets 6.5% vs revenue 15.0%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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05

Altman Z-Score

2.05
Grey Zone
0 Distress1.102.605.0+ Safe
-0.078
Liquidity
0.4092
Cumulative profit
0.0907
Operating efficiency
0.5919
Leverage

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