MaxCyte, Inc. — Earnings Quality Grade F
MXCT · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 39 days, change -6 days YoY
AR growth -25.2% vs revenue growth -14.5%
Revenue -14.5%, CFFO -24.6%. Cash follows revenue
Expense Quality
Inventory -15.3% vs COGS -12.4%. Normal
CapEx growth 7.1% vs revenue -14.5%. Normal
SG&A/Gross Profit = 175.5%, exceeds 70%
Gross margin 81.2%, change -0.5pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -5.0%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Debt/EBITDA = -0.4x. Healthy
Other assets grew 61.0% vs revenue -14.5%
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.
Insufficient data
Manipulation Score
M-Score = -2.68 (< -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