Health Catalyst, Inc — Earnings Quality Grade F
HCAT · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 69 days, change +1 days YoY
AR growth 3.4% vs revenue growth 1.5%
Revenue 1.5%, CFFO -95.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 31.4% is >2x revenue growth 1.5%
SG&A/Gross Profit = 62.1%. Normal
Gross margin 48.7%, change +2.8pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -35.6%. Low accruals
Cash $0.1B covers 56% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 117% of equity. Over 50%
Interest coverage = -1.8x (<2x). Financial stress
Other assets 1.5% vs revenue 1.5%. 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.
Goodwill+Intangibles change -17% YoY. Normal
Manipulation Score
M-Score = -3.93 (< -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