TechTarget, Inc. — Earnings Quality Grade F
TTGT · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 63 days, change -38 days YoY
AR growth 6.0% vs revenue growth 70.9%
Revenue 70.9%, CFFO 125.2%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 151.9% is >2x revenue growth 70.9%
SG&A/Gross Profit = 75.8%, exceeds 70%
Gross margin 60.2%, change -2.1pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -109.3%. Low accruals
Cash $0.0B covers only 37% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.8B = 130% of equity. Over 50%
Interest coverage = -3.5x (<2x). Financial stress
Other assets -35.4% vs revenue 70.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -57% YoY. Normal
Manipulation Score
M-Score = -7.31 (< -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