Liquidia Corporation — Earnings Quality Grade F
LQDA · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 54 days (71 → 125)
AR growth 1889.4% exceeds revenue growth 1031.2%
Revenue grew 1031.2% but CFFO only 61.8%
Expense Quality
Inventory growth 9776.3% far exceeds COGS 125.2%, margin rising. Fraud signal
CapEx growth -25.0% vs revenue 1031.2%. Normal
SG&A/Gross Profit = 108.3%, exceeds 70%
Gross margin rose +33.6pp while AR increased and AP decreased. Fraud pattern
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.0B)
Accruals ratio = -10.1%. Low accruals
Cash $0.2B covers 96% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 15% of equity. Manageable
Interest coverage = -2.1x (<2x). Financial stress
Other assets 36.4% vs revenue 1031.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change -3% YoY. Normal
Manipulation Score
M-Score = 6.78 (> -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