3D Systems Corporation — Earnings Quality Grade F
DDD · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 79 days, change -5 days YoY
AR growth -17.4% vs revenue growth -12.1%
Revenue -12.1%, CFFO -95.7%. Cash follows revenue
Expense Quality
Inventory 7.6% vs COGS -7.3%. Normal
CapEx growth -38.3% vs revenue -12.1%. Normal
SG&A/Gross Profit = 123.1%, exceeds 70%
Gross margin 33.9%, change -3.4pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = 22.6%. Exceeds 10%
Cash $0.1B covers 60% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 13% of equity. Manageable
Interest coverage = -18.5x (<2x). Financial stress
Other assets 8.9% vs revenue -12.1%. 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 -2% YoY. Normal
Manipulation Score
M-Score = -1.28 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25