New Fortress Energy Inc. — Earnings Quality Grade F
NFE · Energy
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 58 days (51 → 110)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 36.4% exceeds revenue growth -36.2%
Revenue -36.2%, CFFO -196.9%. Cash follows revenue
Expense Quality
Inventory growth 15.7% exceeds COGS -8.6%
CapEx growth -69.5% vs revenue -36.2%. Normal
SG&A/Gross Profit = 86.5%, exceeds 70%
Gross margin swung -23.1pp (46.7% → 23.6%)
Cash Flow Quality
CFFO/NI = 0.32. Below 1.0
FCF is negative ($-1.2B)
Accruals ratio = -11.9%. Low accruals
Cash $0.2B covers only 3% of debt $8.6B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 103% of equity. Over 50%
Interest coverage = -0.2x (<2x). Financial stress
Other assets -43.8% vs revenue -36.2%. 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 -81% YoY. Normal
Manipulation Score
M-Score = -2.29 (< -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