Personalis, Inc. — Earnings Quality Grade F
PSNL · Healthcare
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 ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 50 days (35 → 85)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 99.1% exceeds revenue growth -17.7%
Revenue -17.7%, CFFO -66.0%. Cash follows revenue
Expense Quality
Inventory growth 32.2% exceeds COGS -6.8%
CapEx growth 181.0% is >2x revenue growth -17.7%
SG&A/Gross Profit = 339.5%, exceeds 70%
Gross margin swung -9.1pp (31.7% → 22.7%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -1.9%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -429.5x (<2x). Financial stress
Other assets grew 148.6% vs revenue -17.7%
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 = -0.88 (> -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