Ginkgo Bioworks Holdings, Inc. — Earnings Quality Grade F
DNA · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 16 days (35 → 52)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue -25.1%, CFFO 46.5%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -87.7% vs revenue -25.1%. Normal
SG&A/Gross Profit = 148.8%, exceeds 70%
Gross margin swung -8.0pp (80.4% → 72.4%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.2B)
Accruals ratio = -12.7%. Low accruals
Cash $0.4B covers 96% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 11% of equity. Manageable
Debt/EBITDA = -1.7x. Healthy
Other assets -14.8% vs revenue -25.1%. 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 -21% YoY. Normal
Manipulation Score
M-Score = -2.91 (< -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