MeiraGTx Holdings plc — Earnings Quality Grade D
MGTX · Healthcare
Significant concerns
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 13 days, change +6 days YoY
AR growth 324.3% exceeds revenue growth 144.6%
Revenue 144.6%, CFFO 55.6%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -14.5% vs revenue 144.6%. Normal
SG&A/Gross Profit = 69.1%. Normal
Gross margin rose +65.5pp while AR increased and AP decreased. Fraud pattern
Cash Flow Quality
CFFO/NI = 0.41. Below 1.0
FCF is negative ($-0.1B)
Accruals ratio = -27.8%. Low accruals
Cash $0.1B covers 74% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = -10% of equity. Manageable
Interest coverage = -8.7x (<2x). Financial stress
Other assets 13.2% vs revenue 144.6%. 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 -30% YoY. Normal
Manipulation Score
M-Score = -2.16 (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