Vuzix Corporation — Earnings Quality Grade F
VUZI · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 95 days, change -8 days YoY
AR growth 1.1% vs revenue growth 9.1%
Revenue 9.1%, CFFO 20.9%. Cash follows revenue
Expense Quality
Inventory -54.5% vs COGS -35.3%. Normal
CapEx growth -12.0% vs revenue 9.1%. Normal
SG&A/Gross Profit = -1610.6%, excellent (<30%)
Gross margin swung +80.4pp (-97.3% → -16.9%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -33.6%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 11% of equity. Manageable
Debt/EBITDA = -0.0x. Healthy
Insufficient data
Write-offs normal
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 -0% YoY. Normal
Manipulation Score
M-Score = -1.89 (grey zone)
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