F

Zymeworks Inc. — Earnings Quality Grade F

ZYME · Healthcare

Major red flags

Revenue
$106M
2025
Net Income
-$81M
2025
Gross Margin
Free Cash Flow
-$35M
01

Screening Summary

11
Passed
1
Watch
2
Failed
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 16 days, change -251 days YoY

A2AR vs Revenue Growth

AR growth -91.7% vs revenue growth 38.9%

A3Revenue vs CFFO

Revenue 38.9%, CFFO 70.0%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -23.3% vs revenue 38.9%. Normal

B3SG&A Ratio

Insufficient data

B4Gross Margin

Insufficient data

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

!
C2Free Cash Flow

FCF is negative ($-0.0B)

C3Accruals Ratio

Accruals ratio = -13.9%. Low accruals

C4Cash vs Debt

Cash $0.2B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 5% of equity. Manageable

D2Leverage

Debt/EBITDA = -0.2x. Healthy

D3Soft Asset Growth

Other assets -25.2% vs revenue 38.9%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

E2Goodwill Surge

Goodwill+Intangibles change -19% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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05

Altman Z-Score

-3.24
Distress Zone
0 Distress1.102.605.0+ Safe
0.5958
Liquidity
-2.7506
Cumulative profit
-0.267
Operating efficiency
3.4412
Leverage

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