BrightSpire Capital, Inc. — Earnings Quality Grade F
BRSP · 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 increased by 11 days
AR outpaced revenue for 2 consecutive years
Revenue -7.1%, CFFO -29.4%. Cash follows revenue
Expense Quality
No material inventory
Insufficient data
SG&A/Gross Profit = 27.0%, excellent (<30%)
Gross margin swung -5.8pp (45.9% → 40.1%)
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 $0.1B, FCF/NI = -2.34
Accruals ratio = -2.9%. Low accruals
Cash $0.1B covers only 3% of debt $2.5B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 3% of equity. Manageable
Interest coverage = 1.3x (<2x). Financial stress
Other assets 12.1% vs revenue -7.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -41% YoY. Normal
Manipulation Score
M-Score = -2.42 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
BrightSpire Capital, Inc. 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