Newsmax, Inc. — Earnings Quality Grade F
NMAX · Communication Services
Major red flags
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 64 days, change +4 days YoY
AR outpaced revenue for 2 consecutive years
Revenue grew 10.7% but CFFO declined -114.5%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 13.1% vs COGS 23.4%. Normal
CapEx growth 166.0% is >2x revenue growth 10.7%
SG&A/Gross Profit = 230.4%, exceeds 70%
Gross margin swung -6.3pp (45.6% → 39.3%)
Cash Flow Quality
CFFO/NI = 1.05. Profits backed by cash
FCF is negative ($-0.1B)
Accruals ratio = 2.1%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -4310.2x (<2x). Financial stress
Other assets grew 168.4% vs revenue 10.7%
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.
No goodwill
Manipulation Score
M-Score = -1.72 (> -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