Airship AI Holdings, Inc — Earnings Quality Grade F
AISP · Technology
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 135 days (19 → 154)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 426.8% exceeds revenue growth -33.5%
Revenue -33.5%, CFFO -23.1%. Cash follows revenue
Expense Quality
No material inventory
Insufficient data
SG&A/Gross Profit = 153.8%, exceeds 70%
Gross margin 50.2%, change +4.6pp. 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 < 50% of Net Income for 2 years
Accruals ratio = 191.7%. Exceeds 10%
Cash $0.0B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -0.1x. Healthy
Other assets -3.3% vs revenue -33.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = 12.31 (> -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