Cytokinetics, Incorporated — Earnings Quality Grade F
CYTK · Healthcare
Major red flags
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 74 days, change -255 days YoY
AR growth 6.7% vs revenue growth 376.6%
Revenue grew 376.6% but CFFO declined -28.8%
Expense Quality
No material inventory
CapEx growth 535.1% vs revenue 376.6%. Normal
SG&A/Gross Profit = -86.7%, excellent (<30%)
Gross margin swung +1364.7pp (-1737.2% → -372.5%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.5B)
Accruals ratio = -19.3%. Low accruals
Cash $0.9B covers 69% of debt $1.3B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -5.9x (<2x). Financial stress
Other assets 125.1% vs revenue 376.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
No goodwill
Manipulation Score
M-Score = 1.65 (> -1.78). LIKELY 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