B

Westwood Holdings Group Inc — Earnings Quality Grade B

WHG · Financial Services

Generally healthy

Revenue
$98M
2025
Net Income
$7M
2025
Gross Margin
42.0%
Free Cash Flow
$18M
01

Screening Summary

15
Passed
2
Watch
0
Failed
-2.75
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 63 days, change +7 days YoY

!
A2AR vs Revenue Growth

AR growth 15.9% exceeds revenue growth 3.2%

A3Revenue vs CFFO

Revenue 3.2%, CFFO -10.4%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -51.9% vs revenue 3.2%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 51.0%. Normal

B4Gross Margin

Gross margin 42.0%, change +1.1pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 2.68. Profits backed by cash

C2Free Cash Flow

FCF $0.0B, FCF/NI = 2.61

C3Accruals Ratio

Accruals ratio = -7.3%. Low accruals

C4Cash vs Debt

Cash $0.0B covers debt $0.0B

04

Balance Sheet Health

!
D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 46% of equity

D2Leverage

Debt/EBITDA = 1.1x. Healthy

D3Soft Asset Growth

Other assets 10.6% vs revenue 3.2%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -6% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.75 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.75
-4.0 Clean-2.22 Grey-1.78 Danger0
1.123
DSRI
AR growing faster than revenue?
0.973
GMI
Gross margin declining?
0.951
AQI
Asset quality deteriorating?
1.032
SGI
Revenue growth rate
1.896
DEPI
Depreciation slowing?
1.011
SGAI
SG&A ratio changing?
-0.0731
TATA
Accruals level
1.429
LVGI
Leverage increasing?

Altman Z-Score — Not Applicable

Westwood Holdings Group Inc is a financial company. Z-Score is designed for non-financial companies.

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25