ADC Therapeutics SA — Earnings Quality Grade F
ADCT · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 26 days (105 → 131)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 43.3% exceeds revenue growth 14.9%
Revenue grew 14.9% but CFFO declined -14.0%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory growth 85.9% exceeds COGS -2.5%
CapEx growth -69.6% vs revenue 14.9%. Normal
SG&A/Gross Profit = 105.8%, exceeds 70%
Gross margin 92.9%, change +1.3pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -0.4%. Low accruals
Cash $0.3B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -2.1x (<2x). Financial stress
Other assets -10.3% vs revenue 14.9%. Normal
No write-off data
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.
No goodwill
Manipulation Score
M-Score = -2.21 (grey zone)
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25