Brandywine Realty Trust — Earnings Quality Grade F
BDN · Real Estate
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 17 days, change +8 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -4.2%, CFFO -35.6%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -12.6% vs revenue -4.2%. Normal
SG&A/Gross Profit = 14.0%, excellent (<30%)
Gross margin 61.8%, change -1.2pp. 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 $0.0B, FCF/NI = -0.02
Accruals ratio = -8.2%. Low accruals
Cash $0.0B covers only 1% of debt $2.6B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 13% of equity. Manageable
Debt/EBITDA = 18.7x (>4x). Interest coverage = 0.6x (<2x). Financial stress
Other assets 7.5% vs revenue -4.2%. Normal
Write-offs normal
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 151% YoY
Manipulation Score
Insufficient data
Altman Z-Score — Not Applicable
Brandywine Realty Trust is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25