Protalix BioTherapeutics, Inc. — Earnings Quality Grade F
PLX · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 41 days (20 → 61)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 203.9% exceeds revenue growth -1.2%
Revenue -1.2%, CFFO -238.3%. Cash follows revenue
Expense Quality
Inventory 21.1% vs COGS 11.0%. Normal
CapEx growth 27.8% is >2x revenue growth -1.2%
SG&A/Gross Profit = 45.4%. Normal
Gross margin swung -5.6pp (54.5% → 48.8%)
Cash Flow Quality
CFFO/NI = 1.82. Profits backed by cash
FCF is negative ($-0.0B)
Accruals ratio = 6.5%. Elevated
Cash $0.0B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -4.6x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
No goodwill
Manipulation Score
M-Score = -0.24 (> -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