Tennant Company — Earnings Quality Grade F
TNC · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 78 days, change +4 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -6.5%, CFFO -27.5%. Cash follows revenue
Expense Quality
Inventory 8.0% vs COGS -2.4%. Normal
CapEx growth 3.3% vs revenue -6.5%. Normal
SG&A/Gross Profit = 77.4%, exceeds 70%
Gross margin 40.2%, change -2.5pp. Stable
Cash Flow Quality
CFFO/NI = 1.48. Profits backed by cash
FCF $0.0B, FCF/NI = 0.98
Accruals ratio = -1.7%. Low accruals
Cash $0.1B covers only 32% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 43% of equity
Debt/EBITDA = 2.6x. Healthy
Other assets grew 23.9% vs revenue -6.5%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 7% YoY. Normal
Manipulation Score
M-Score = -2.54 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25