Sleep Number Corporation — Earnings Quality Grade F
SNBR · Consumer Cyclical
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 4 days, change +0 days YoY
AR growth -11.5% vs revenue growth -16.1%
Revenue -16.1%, CFFO -112.1%. Cash follows revenue
Expense Quality
Inventory -20.3% vs COGS -14.9%. Normal
CapEx growth -38.7% vs revenue -16.1%. Normal
SG&A/Gross Profit = 95.4%, exceeds 70%
Gross margin 59.0%, change -0.6pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -18.9%. Low accruals
Cash $0.0B covers only 0% of debt $0.9B
Balance Sheet Health
Goodwill+Intangibles $0.1B = -11% of equity. Manageable
Debt/EBITDA = 104.5x (>4x). Interest coverage = 0.1x (<2x). Financial stress
Other assets -30.1% vs revenue -16.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -0% YoY. Normal
Manipulation Score
M-Score = -3.61 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25