Iovance Biotherapeutics, Inc. — Earnings Quality Grade F
IOVA · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 114 days, change -40 days YoY
AR growth 18.9% vs revenue growth 60.6%
Revenue grew 60.6% but CFFO only 14.3%
Expense Quality
Inventory 0.3% vs COGS 85.7%. Normal
CapEx growth 205.7% is >2x revenue growth 60.6%
SG&A/Gross Profit = 168.7%, exceeds 70%
Gross margin swung -8.9pp (43.2% → 34.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.3B)
Accruals ratio = -9.7%. Low accruals
Cash $0.3B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -0.1x. Healthy
Other assets 110.3% vs revenue 60.6%. 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
M-Score = -2.46 (< -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