LGI Homes, Inc. — Earnings Quality Grade F
LGIH · Consumer Cyclical
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 7 days, change +2 days YoY
AR growth 13.1% exceeds revenue growth -22.6%
Revenue -22.6%, CFFO 2.6%. Cash follows revenue
Expense Quality
Inventory growth 3.9% exceeds COGS -19.0%
CapEx growth -52.7% vs revenue -22.6%. Normal
SG&A/Gross Profit = 77.4%, exceeds 70%
Gross margin 20.7%, change -3.5pp. 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 < 50% of Net Income for 3 years
Accruals ratio = 5.4%. Elevated
Cash $0.1B covers only 4% of debt $1.7B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 1% of equity. Manageable
Debt/EBITDA = 19.9x (>4x). Financial stress
Other assets -11.1% vs revenue -22.6%. 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.
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -1.96 (grey zone)
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25