Boston Omaha Corporation — Earnings Quality Grade F
BOC · Industrials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 51 days, change +9 days YoY
AR growth 28.9% exceeds revenue growth 5.6%
Revenue 5.6%, CFFO -15.9%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -13.4% vs revenue 5.6%. Normal
SG&A/Gross Profit = 72.1%, exceeds 70%
Gross margin 65.8%, change -2.4pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -4.2%. Low accruals
Cash $0.1B covers 72% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 45% of equity
Debt/EBITDA = 7.4x (>4x). Interest coverage = -1.7x (<2x). Financial stress
Other assets 0.2% vs revenue 5.6%. 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 -3% YoY. Normal
Manipulation Score
M-Score = -2.46 (< -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