Southwest Gas Holdings, Inc. — Earnings Quality Grade F
SWX · Utilities
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 32 days, change +2 days YoY
AR growth -16.0% vs revenue growth -21.6%
Revenue -21.6%, CFFO -59.0%. Cash follows revenue
Expense Quality
Inventory growth 0.1% far exceeds COGS -37.9%, margin rising. Fraud signal
CapEx growth -4.6% vs revenue -21.6%. Normal
SG&A/Gross Profit = -0.9%, excellent (<30%)
Gross margin swung +14.1pp (32.3% → 46.3%)
Cash Flow Quality
CFFO/NI = 1.26. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -1.1%. Low accruals
Cash $0.6B covers only 16% of debt $3.5B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Debt/EBITDA = 4.1x (>4x). Financial stress
Other assets -84.6% vs revenue -21.6%. 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 = 17.06 (> -1.78). LIKELY 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