Cadiz, Inc. — Earnings Quality Grade F
CDZI · Utilities
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 126 days, change -49 days YoY
AR growth 22.4% vs revenue growth 69.8%
Revenue grew 69.8% but CFFO only 12.1%
Expense Quality
Inventory -62.3% vs COGS 53.0%. Normal
CapEx growth 711.1% is >2x revenue growth 69.8%
SG&A/Gross Profit = 572.5%, exceeds 70%
Gross margin swung +7.5pp (24.0% → 31.6%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -10.8%. Low accruals
Cash $0.0B covers only 8% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 25% of equity. Manageable
Interest coverage = -2.8x (<2x). Financial stress
Other assets 25.9% vs revenue 69.8%. 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 0% YoY. Normal
Manipulation Score
M-Score = -2.55 (< -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