Heartflow, Inc. — Earnings Quality Grade F
HTFL · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 61 days, change -11 days YoY
AR growth 19.1% vs revenue growth 39.9%
Revenue 39.9%, CFFO 21.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 15.3% vs revenue 39.9%. Normal
SG&A/Gross Profit = 99.4%, exceeds 70%
Gross margin 76.8%, change +1.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.1B)
Accruals ratio = -17.5%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -4.2x (<2x). Financial stress
Other assets 21.2% vs revenue 39.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles surged 100% YoY
Manipulation Score
M-Score = -1.44 (> -1.78). LIKELY 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