Eton Pharmaceuticals, Inc. — Earnings Quality Grade F
ETON · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 54 days, change +4 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 104.9%, CFFO 986.1%. Cash follows revenue
Expense Quality
Inventory 1.2% vs COGS 138.5%. Normal
CapEx growth -96.7% vs revenue 104.9%. Normal
SG&A/Gross Profit = 83.8%, exceeds 70%
Gross margin swung -6.6pp (60.0% → 53.5%)
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 $0.0B, FCF/NI = -2.21
Accruals ratio = -16.4%. Low accruals
Cash $0.0B covers 84% of debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 9.7x (>4x). Financial stress
Other assets 58.3% vs revenue 104.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.25 (< -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