F

Synaptics Incorporated — Earnings Quality Grade F

SYNA · Technology

Major red flags

Revenue
$1.1B
2025
Net Income
-$48M
2025
Gross Margin
44.7%
Free Cash Flow
$106M
01

Screening Summary

12
Passed
3
Watch
2
Failed
-2.79
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 44 days, change -10 days YoY

A2AR vs Revenue Growth

AR growth -8.5% vs revenue growth 12.0%

A3Revenue vs CFFO

Revenue 12.0%, CFFO 4.5%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory 22.4% vs COGS 14.3%. Normal

B2CapEx vs Revenue

CapEx growth -78.6% vs revenue 12.0%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 37.5%. Normal

B4Gross Margin

Gross margin 44.7%, change -1.1pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -2.97. Below 1.0

C2Free Cash Flow

FCF $0.1B, FCF/NI = -2.22

C3Accruals Ratio

Accruals ratio = -7.3%. Low accruals

!
C4Cash vs Debt

Cash $0.5B covers 51% of debt $0.9B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $1.3B = 91% of equity. Over 50%

D2Leverage

Debt/EBITDA = 12.7x (>4x). Interest coverage = -1.6x (<2x). Financial stress

D3Soft Asset Growth

Other assets -31.4% vs revenue 12.0%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

Goodwill+Intangibles change 11% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.79 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-2.79
-4.0 Clean-2.22 Grey-1.78 Danger0
0.817
DSRI
AR growing faster than revenue?
1.025
GMI
Gross margin declining?
1.217
AQI
Asset quality deteriorating?
1.12
SGI
Revenue growth rate
0.858
DEPI
Depreciation slowing?
0.998
SGAI
SG&A ratio changing?
-0.0734
TATA
Accruals level
0.971
LVGI
Leverage increasing?
05

Altman Z-Score

3.76
Safe Zone
0 Distress1.102.605.0+ Safe
0.1861
Liquidity
0.4604
Cumulative profit
-0.0285
Operating efficiency
1.1727
Leverage

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