MannKind Corporation — Earnings Quality Grade F
MNKD · 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 25 days (15 → 40)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 225.0% exceeds revenue growth 22.2%
Revenue grew 22.2% but CFFO declined -57.1%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 26.6% vs COGS 14.8%. Normal
CapEx growth -52.9% vs revenue 22.2%. Normal
SG&A/Gross Profit = 55.2%. Normal
Gross margin 74.8%, change +1.6pp. Stable
Cash Flow Quality
CFFO/NI = 3.11. Profits backed by cash
FCF $0.0B, FCF/NI = 2.33
Accruals ratio = -1.6%. Low accruals
Cash $0.2B covers only 47% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.4B = -769% of equity. Manageable
Debt/EBITDA = 7.1x (>4x). Interest coverage = 1.2x (<2x). Financial stress
Other assets -24.1% vs revenue 22.2%. Normal
Write-offs surged 313% YoY, = 109% of NI. Possible big bath
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 5352% YoY
Manipulation Score
M-Score = 0.41 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25