Ultra Clean Holdings, Inc. — Earnings Quality Grade F
UCTT · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 37 days, change -5 days YoY
AR growth -13.4% vs revenue growth -2.1%
Revenue -2.1%, CFFO 0.9%. Cash follows revenue
Expense Quality
Inventory 2.6% vs COGS -0.6%. Normal
CapEx growth -20.8% vs revenue -2.1%. Normal
SG&A/Gross Profit = 76.6%, exceeds 70%
Gross margin 15.7%, change -1.3pp. Stable
Cash Flow Quality
CFFO/NI = -0.36. Below 1.0
FCF $0.0B, FCF/NI = -0.08
Accruals ratio = -14.3%. Low accruals
Cash $0.3B covers only 48% of debt $0.7B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 38% of equity
Interest coverage = 1.1x (<2x). Financial stress
Other assets grew 35.4% vs revenue -2.1%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -40% YoY. Normal
Manipulation Score
M-Score = -3.38 (< -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