A — Earnings Quality Grade D
A
Significant concerns
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 78 days, change +4 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 6.7%, CFFO -11.0%. Cash follows revenue
Expense Quality
Inventory 5.5% vs COGS 11.1%. Normal
CapEx growth 7.7% vs revenue 6.7%. Normal
SG&A/Gross Profit = 46.9%. Normal
Gross margin 52.4%, change -1.9pp. Stable
Cash Flow Quality
CFFO/NI = 1.20. Profits backed by cash
FCF $1.2B, FCF/NI = 0.88
Accruals ratio = -2.0%. Low accruals
Cash $1.8B covers 53% of debt $3.4B
Balance Sheet Health
Goodwill+Intangibles $4.9B = 73% of equity. Over 50%
Debt/EBITDA = 1.8x. Healthy
Other assets 16.4% vs revenue 6.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.46 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25