Trinseo PLC — Earnings Quality Grade F
TSEOF · Basic Materials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 34 days, change +1 days YoY
AR growth -12.7% vs revenue growth -15.3%
Revenue -15.3%, CFFO -621.1%. Cash follows revenue
Expense Quality
Inventory -9.0% vs COGS -13.5%. Normal
CapEx growth -19.4% vs revenue -15.3%. Normal
SG&A/Gross Profit = 251.4%, exceeds 70%
Gross margin 5.6%, change -2.0pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.2B)
Accruals ratio = -19.4%. Low accruals
Cash $0.1B covers only 6% of debt $2.6B
Balance Sheet Health
Goodwill+Intangibles $0.6B = -51% of equity. Manageable
Debt/EBITDA = 41.7x (>4x). Interest coverage = -0.9x (<2x). Financial stress
Other assets -32.5% vs revenue -15.3%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -15% YoY. Normal
Manipulation Score
M-Score = -3.51 (< -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