Clearfield, Inc. — Earnings Quality Grade F
CLFD · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 44 days, change +4 days YoY
AR growth 30.0% exceeds revenue growth 19.6%
Revenue 19.6%, CFFO 49.4%. Cash follows revenue
Expense Quality
Inventory -25.1% vs COGS -0.1%. Normal
CapEx growth -40.6% vs revenue 19.6%. Normal
SG&A/Gross Profit = 95.8%, exceeds 70%
Gross margin swung +13.1pp (20.6% → 33.7%)
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 $0.0B, FCF/NI = -2.71
Accruals ratio = -11.3%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Debt/EBITDA = 0.6x. Healthy
Other assets -71.1% vs revenue 19.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 50% YoY
Manipulation Score
M-Score = -2.88 (< -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