Upstream Bio, Inc. — Earnings Quality Grade D
UPB · Healthcare
Significant concerns
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 85 days, change -9 days YoY
AR growth 9.0% vs revenue growth 20.4%
Revenue grew 20.4% but CFFO declined -125.2%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
No material inventory
CapEx growth -67.7% vs revenue 20.4%. Normal
Insufficient data
Insufficient data
Cash Flow Quality
CFFO/NI = 0.93. Profits backed by cash
FCF is negative ($-0.1B)
Accruals ratio = -2.9%. Low accruals
Cash $0.3B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -0.0x. Healthy
Other assets 0.0% vs revenue 20.4%. 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.
No goodwill
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25