Emergent BioSolutions Inc. — Earnings Quality Grade F
EBS · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 35 days, change -14 days YoY
AR growth -50.7% vs revenue growth -30.4%
Revenue -30.4%, CFFO 190.6%. Cash follows revenue
Expense Quality
Inventory growth 10.2% far exceeds COGS -52.1%, margin rising. Fraud signal
Small-cap context: Inventory ratios on a small base are noisy; a single product launch can move them sharply.
CapEx growth -39.7% vs revenue -30.4%. Normal
SG&A/Gross Profit = 49.1%. Normal
Gross margin swung +21.0pp (32.8% → 53.7%)
Cash Flow Quality
CFFO/NI = 3.24. Profits backed by cash
FCF $0.2B, FCF/NI = 2.98
Accruals ratio = -8.9%. Low accruals
Cash $0.2B covers only 36% of debt $0.6B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 84% of equity. Over 50%
Interest coverage = 1.9x (<2x). Financial stress
Other assets -24.9% vs revenue -30.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -13% YoY. Normal
Manipulation Score
M-Score = -3.63 (< -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