Beta Bionics, Inc. — Earnings Quality Grade F
BBNX · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 62 days, change -5 days YoY
AR growth 42.7% vs revenue growth 53.9%
Revenue grew 53.9% but CFFO declined -5.5%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 63.1% vs COGS 52.9%. Normal
CapEx growth 56.0% vs revenue 53.9%. Normal
SG&A/Gross Profit = 166.4%, exceeds 70%
Gross margin 55.4%, change +0.3pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -6.8%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -0.1x. Healthy
Other assets -28.0% vs revenue 53.9%. 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 = -1.11 (> -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