F

Strawberry Fields REIT, Inc. — Earnings Quality Grade F

STRW · Real Estate

Major red flags

Revenue
$155M
2025
Net Income
$8M
2025
Gross Margin
89.8%
Free Cash Flow
$90M
01

Screening Summary

11
Passed
2
Watch
3
Failed
-2.67
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 82 days, change -4 days YoY

A2AR vs Revenue Growth

AR growth 25.6% vs revenue growth 32.4%

A3Revenue vs CFFO

Revenue 32.4%, CFFO 51.8%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

Insufficient data

B3SG&A Ratio

SG&A/Gross Profit = 7.3%, excellent (<30%)

B4Gross Margin

Gross margin 89.8%, change +2.8pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO far exceeds NI (ratio 11.9x). Non-cash charges depressing profits

C2Free Cash Flow

FCF $0.1B, FCF/NI = 11.89

C3Accruals Ratio

Accruals ratio = -9.3%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 4% of debt $0.8B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 565% of equity. Over 50%

D2Leverage

Debt/EBITDA = 6.1x (>4x). Interest coverage = 1.7x (<2x). Financial stress

D3Soft Asset Growth

Other assets -78.6% vs revenue 32.4%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

!
E2Goodwill Surge

Goodwill+Intangibles surged 145% YoY

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.67 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.67
-4.0 Clean-2.22 Grey-1.78 Danger0
0.949
DSRI
AR growing faster than revenue?
0.969
GMI
Gross margin declining?
1.046
AQI
Asset quality deteriorating?
1.324
SGI
Revenue growth rate
0.984
DEPI
Depreciation slowing?
0.912
SGAI
SG&A ratio changing?
-0.0932
TATA
Accruals level
1.049
LVGI
Leverage increasing?

Altman Z-Score — Not Applicable

Strawberry Fields REIT, Inc. 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