F

T1 Energy Inc. — Earnings Quality Grade F

TE · Industrials

Major red flags

Revenue
$755M
2025
Net Income
-$368M
2025
Gross Margin
7.4%
Free Cash Flow
$17M
01

Screening Summary

6
Passed
6
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

Insufficient data

A2AR vs Revenue Growth

Insufficient data

!
A3Revenue vs CFFO

Revenue grew 25572.8% but CFFO only 192.8%

02

Expense Quality

B1Inventory vs COGS

Inventory -57.7% vs COGS 40723.5%. Normal

B2CapEx vs Revenue

CapEx growth 55.0% vs revenue 25572.8%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 423.4%, exceeds 70%

!
B4Gross Margin

Gross margin swung -34.4pp (41.7% → 7.4%)

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -0.26. Below 1.0

C2Free Cash Flow

FCF $0.0B, FCF/NI = -0.05

C3Accruals Ratio

Accruals ratio = -33.8%. Low accruals

C4Cash vs Debt

Cash $0.2B covers only 33% of debt $0.5B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.2B = 74% of equity. Over 50%

!
D2Leverage

Interest coverage = -4.8x (<2x). Financial stress

D3Soft Asset Growth

Insufficient data

D4Asset Impairment

Write-offs normal

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

Goodwill+Intangibles change -34% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Calculation error: float division by zero

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05

Altman Z-Score

-2.81
Distress Zone
0 Distress1.102.605.0+ Safe
0.1457
Liquidity
-0.7966
Cumulative profit
-0.2213
Operating efficiency
0.3065
Leverage

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