Fulgent Genetics, Inc. — Earnings Quality Grade F
FLGT · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 96 days, change +7 days YoY
AR outpaced revenue for 2 consecutive years
Revenue grew 13.8% but CFFO declined -582.6%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory growth 26.5% far exceeds COGS 8.8%, margin rising. Fraud signal
Small-cap context: Inventory ratios on a small base are noisy; a single product launch can move them sharply.
CapEx growth -44.0% vs revenue 13.8%. Normal
SG&A/Gross Profit = 122.3%, exceeds 70%
Gross margin 40.6%, change +2.7pp. Stable
Cash Flow Quality
CFFO/NI = 1.68. Profits backed by cash
FCF is negative ($-0.1B)
Accruals ratio = 3.4%. Low accruals
Cash $0.3B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 14% of equity. Manageable
Interest coverage = -1214.6x (<2x). Financial stress
Other assets -31.7% vs revenue 13.8%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 1% YoY. Normal
Manipulation Score
M-Score = -2.34 (< -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