SkyWater Technology, Inc. — Earnings Quality Grade F
SKYT · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 27 days (56 → 83)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 91.1% exceeds revenue growth 29.2%
Revenue grew 29.2% but CFFO declined -256.9%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory growth 69.2% exceeds COGS 30.3%
CapEx growth 141.6% is >2x revenue growth 29.2%
SG&A/Gross Profit = 86.1%, exceeds 70%
Gross margin 19.7%, change -0.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = 20.1%. Exceeds 10%
Cash $0.0B covers only 9% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Interest coverage = -0.2x (<2x). Financial stress
Other assets grew 83.1% vs revenue 29.2%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 18% YoY. Normal
Manipulation Score
M-Score = -0.82 (> -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