Wabash National Corporation — Earnings Quality Grade F
WNC · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 28 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -20.8%, CFFO -90.1%. Cash follows revenue
Expense Quality
Inventory -30.0% vs COGS -12.4%. Normal
CapEx growth -65.8% vs revenue -20.8%. Normal
SG&A/Gross Profit = -375.2%, excellent (<30%)
Gross margin swung -9.1pp (13.6% → 4.5%)
Cash Flow Quality
CFFO/NI = 0.06. Only 6% of profit backed by cash
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = 17.1%. Exceeds 10%
Cash $0.0B covers only 7% of debt $0.5B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 69% of equity. Over 50%
Debt/EBITDA = 1.3x. Healthy
Other assets grew 60.1% vs revenue -20.8%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -3% YoY. Normal
Manipulation Score
M-Score = -0.54 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
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