PowerFleet, Inc. — Earnings Quality Grade F
AIOT · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 79 days, change -4 days YoY
AR growth 159.2% vs revenue growth 171.1%
Revenue grew 171.1% but CFFO declined -176.1%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory -15.3% vs COGS 152.0%. Normal
CapEx growth 376.4% is >2x revenue growth 171.1%
SG&A/Gross Profit = 105.0%, exceeds 70%
Gross margin 53.7%, change +3.5pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -5.2%. Low accruals
Cash $0.0B covers only 15% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.6B = 144% of equity. Over 50%
Debt/EBITDA = 13.4x (>4x). Interest coverage = -1.3x (<2x). Financial stress
Other assets 134.6% vs revenue 171.1%. 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.
Goodwill+Intangibles surged 522% YoY
Manipulation Score
M-Score = -0.88 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25