Fate Therapeutics, Inc. — Earnings Quality Grade F
FATE · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 50 days, change -44 days YoY
AR growth -74.1% vs revenue growth -51.2%
Revenue -51.2%, CFFO 13.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 715.5% is >2x revenue growth -51.2%
Insufficient data
Insufficient data
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -9.5%. Low accruals
Cash $0.2B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -0.6x. Healthy
Other assets -0.1% vs revenue -51.2%. 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.
No goodwill
Manipulation Score
Insufficient data
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25