Falcon's Beyond Global, Inc. — Earnings Quality Grade F
FBYD · Industrials
Major red flags
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 91 days, change -2 days YoY
AR growth 116.4% vs revenue growth 120.8%
Revenue grew 120.8% but CFFO declined -96.0%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
No material inventory
CapEx growth 1290.9% is >2x revenue growth 120.8%
SG&A/Gross Profit = 233.0%, exceeds 70%
Gross margin swung -26.5pp (100.0% → 73.5%)
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 < 50% of Net Income for 2 years
Accruals ratio = 42.0%. Exceeds 10%
Cash $0.0B covers only 10% of debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 9% of equity. Manageable
Interest coverage = -4.5x (<2x). Financial stress
Other assets -33.5% vs revenue 120.8%. 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.
Insufficient data
Manipulation Score
M-Score = 1.10 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25