Ambiq Micro, Inc. — Earnings Quality Grade F
AMBQ · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 37 days, change -13 days YoY
AR growth -29.9% vs revenue growth -4.7%
Revenue -4.7%, CFFO 8.1%. Cash follows revenue
Expense Quality
Inventory growth 12.9% far exceeds COGS -21.9%, margin rising. Fraud signal
Small-cap context: Inventory ratios on a small base are noisy; a single product launch can move them sharply.
CapEx growth 99.5% is >2x revenue growth -4.7%
SG&A/Gross Profit = 103.3%, exceeds 70%
Gross margin swung +12.3pp (31.9% → 44.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -9.1%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 7% of equity. Manageable
Debt/EBITDA = -0.0x. Healthy
Other assets grew 702.0% vs revenue -4.7%
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 change -1% YoY. Normal
Manipulation Score
M-Score = -3.52 (< -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