Academy Sports and Outdoors, In — Earnings Quality Grade F
ASO · Consumer Cyclical
Major red flags
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 2 days, change +1 days YoY
AR growth 107.4% exceeds revenue growth 2.0%
Revenue 2.0%, CFFO -17.7%. Cash follows revenue
Expense Quality
Inventory 14.9% vs COGS 0.7%. Normal
CapEx growth 6.5% vs revenue 2.0%. Normal
SG&A/Gross Profit = 75.7%, exceeds 70%
Gross margin 34.8%, change +0.9pp. Stable
Cash Flow Quality
CFFO/NI = 1.15. Profits backed by cash
FCF $0.2B, FCF/NI = 0.59
Accruals ratio = -1.1%. Low accruals
Cash $0.3B covers only 17% of debt $1.9B
Balance Sheet Health
Goodwill+Intangibles $1.4B = 66% of equity. Over 50%
Debt/EBITDA = 2.9x. Healthy
Other assets grew 21.4% vs revenue 2.0%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -1.60 (> -1.78). LIKELY 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