Organogenesis Holdings Inc. — Earnings Quality Grade F
ORGO · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 58 days (83 → 141)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue grew 16.8% but CFFO declined -172.6%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 13.0% vs COGS 18.8%. Normal
CapEx growth 41.1% is >2x revenue growth 16.8%
SG&A/Gross Profit = 76.7%, exceeds 70%
Gross margin 75.6%, change -0.4pp. Stable
Cash Flow Quality
CFFO/NI = -0.28. Only -28% of profit backed by cash
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = 7.9%. Elevated
Cash $0.1B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 9% of equity. Manageable
Debt/EBITDA = 1.0x. Healthy
Other assets grew 83.9% vs revenue 16.8%
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -8% YoY. Normal
Manipulation Score
M-Score = -1.42 (> -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