Blaize Holdings, Inc. — Earnings Quality Grade F
BZAI · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
Insufficient data
Insufficient data
Revenue grew 2386.0% but CFFO declined -37.8%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 18.3% vs COGS 5502.4%. Normal
CapEx growth -12.6% vs revenue 2386.0%. Normal
SG&A/Gross Profit = 876.2%, exceeds 70%
Gross margin swung -46.7pp (62.7% → 16.0%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -130.3%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -0.0x. Healthy
Other assets -9.3% vs revenue 2386.0%. 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
Calculation error: float division by zero
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25