JBG SMITH Properties — Earnings Quality Grade F
JBGS · Real Estate
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 22 days (127 → 148)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 6.7% vs revenue growth -8.9%
Revenue -8.9%, CFFO -43.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -43.9% vs revenue -8.9%. Normal
SG&A/Gross Profit = 23.9%, excellent (<30%)
Gross margin 49.6%, change -0.4pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -4.8%. Low accruals
Cash $0.1B covers only 3% of debt $2.5B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 3% of equity. Manageable
Debt/EBITDA = 16.6x (>4x). Interest coverage = -0.0x (<2x). Financial stress
Other assets -97.8% vs revenue -8.9%. 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 -35% YoY. Normal
Manipulation Score
M-Score = -2.67 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
JBG SMITH Properties is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25