REGENXBIO Inc. — Earnings Quality Grade F
RGNX · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 1 days, change +1 days YoY
AR growth 756.9% exceeds revenue growth 104.5%
Revenue grew 104.5% but CFFO only 28.4%
Expense Quality
No material inventory
CapEx growth -0.9% vs revenue 104.5%. Normal
SG&A/Gross Profit = 55.2%. Normal
Gross margin rose +28.4pp while AR increased and AP decreased. Fraud pattern
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -15.4%. Low accruals
Cash $0.2B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -3.6x (<2x). Financial stress
Other assets 10.2% vs revenue 104.5%. 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.
No goodwill
Manipulation Score
M-Score = 0.60 (> -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