BlackSky Technology Inc. — Earnings Quality Grade F
BKSY · Industrials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 64 days (53 → 117)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue 4.4%, CFFO -343.5%. Cash follows revenue
Expense Quality
Inventory 2.2% vs COGS 28.7%. Normal
CapEx growth 3.4% vs revenue 4.4%. Normal
SG&A/Gross Profit = 119.7%, exceeds 70%
Gross margin swung -6.3pp (73.1% → 66.9%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -10.9%. Low accruals
Cash $0.1B covers 59% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 15% of equity. Manageable
Interest coverage = -3.1x (<2x). Financial stress
Other assets 12.5% vs revenue 4.4%. 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.
Goodwill+Intangibles change -6% YoY. Normal
Manipulation Score
M-Score = -1.96 (grey zone)
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25