UroGen Pharma Ltd. — Earnings Quality Grade F
URGN · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 28 days (82 → 110)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue grew 21.4% but CFFO declined -67.9%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory growth 78.4% exceeds COGS 40.2%
CapEx growth -2.0% vs revenue 21.4%. Normal
SG&A/Gross Profit = 159.3%, exceeds 70%
Gross margin 88.7%, change -1.5pp. Stable
Cash Flow Quality
CFFO/NI = 1.06. Profits backed by cash
FCF is negative ($-0.2B)
Accruals ratio = 4.5%. Low accruals
Cash $0.1B covers 94% of debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -8.1x (<2x). Financial stress
Other assets grew 597.8% vs revenue 21.4%
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
M-Score = -1.76 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25