Rumble Inc. — Earnings Quality Grade F
RUM · Communication Services
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 ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 43 days, change +6 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 5.4%, CFFO 19.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -3.0% vs revenue 5.4%. Normal
SG&A/Gross Profit = -1074.2%, excellent (<30%)
Gross margin swung +38.3pp (-45.0% → -6.7%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -3.4%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 13% of equity. Manageable
Debt/EBITDA = -0.0x. Healthy
Other assets grew 179.2% vs revenue 5.4%
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 -13% YoY. Normal
Manipulation Score
M-Score = 0.70 (> -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