Liquidity Services, Inc. — Earnings Quality Grade D
LQDT · Consumer Cyclical
Significant concerns
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 9 days, change -3 days YoY
AR growth -2.5% vs revenue growth 31.2%
Revenue grew 31.2% but CFFO declined -4.9%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory -17.1% vs COGS 50.4%. Normal
CapEx growth -12.4% vs revenue 31.2%. Normal
SG&A/Gross Profit = 44.9%. Normal
Gross margin swung -7.2pp (51.0% → 43.8%)
Cash Flow Quality
CFFO/NI = 2.38. Profits backed by cash
FCF $0.1B, FCF/NI = 2.10
Accruals ratio = -10.3%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 57% of equity. Over 50%
Debt/EBITDA = 0.3x. Healthy
Other assets -11.4% vs revenue 31.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 4% YoY. Normal
Manipulation Score
M-Score = -2.80 (< -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