Emerald Holding, Inc. — Earnings Quality Grade F
EEX · Communication Services
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 78 days, change +2 days YoY
AR growth 20.0% vs revenue growth 16.2%
Revenue grew 16.2% but CFFO declined -9.0%
Expense Quality
No material inventory
CapEx growth -15.3% vs revenue 16.2%. Normal
SG&A/Gross Profit = 81.8%, exceeds 70%
Gross margin 63.6%, change +0.6pp. Stable
Cash Flow Quality
CFFO/NI = -1.39. Below 1.0
FCF $0.0B, FCF/NI = -1.12
Accruals ratio = -6.0%. Low accruals
Cash $0.1B covers only 20% of debt $0.5B
Balance Sheet Health
Goodwill+Intangibles $1.0B = 285% of equity. Over 50%
Debt/EBITDA = 8.7x (>4x). Interest coverage = 0.5x (<2x). Financial stress
Other assets 2.6% vs revenue 16.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 32% YoY
Manipulation Score
M-Score = -2.60 (< -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