10x Genomics, Inc. — Earnings Quality Grade F
TXG · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 27 days, change -26 days YoY
AR growth -46.5% vs revenue growth 5.2%
Revenue 5.2%, CFFO 1941.6%. Cash follows revenue
Expense Quality
Inventory -32.2% vs COGS 1.3%. Normal
CapEx growth -55.7% vs revenue 5.2%. Normal
SG&A/Gross Profit = 71.2%, exceeds 70%
Gross margin 69.1%, change +1.2pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $0.1B, FCF/NI = -2.99
Accruals ratio = -17.2%. Low accruals
Cash $0.5B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 8% of equity. Manageable
Debt/EBITDA = 21.6x (>4x). Financial stress
Other assets -29.5% vs revenue 5.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 231% YoY
Manipulation Score
M-Score = -3.12 (< -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