Precigen, Inc. — Earnings Quality Grade F
PGEN · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 61 days (86 → 148)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue grew 146.7% but CFFO declined -28.8%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Insufficient data
CapEx growth -76.8% vs revenue 146.7%. Normal
SG&A/Gross Profit = 1442.7%, exceeds 70%
Gross margin swung +58.9pp (-8.7% → 50.2%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -104.7%. Low accruals
Cash $0.1B covers 100% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 88% of equity. Over 50%
Interest coverage = -27.6x (<2x). Financial stress
Other assets 113.9% vs revenue 146.7%. 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 -22% YoY. Normal
Manipulation Score
M-Score = -7.53 (< -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