Tandem Diabetes Care, Inc. — Earnings Quality Grade F
TNDM · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 15 days (44 → 60)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 44.4% exceeds revenue growth 7.9%
Revenue 7.9%, CFFO -140.1%. Cash follows revenue
Expense Quality
Inventory -13.9% vs COGS 4.0%. Normal
CapEx growth 412.4% is >2x revenue growth 7.9%
SG&A/Gross Profit = 81.5%, exceeds 70%
Gross margin 53.8%, change +1.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -22.1%. Low accruals
Cash $0.3B covers 66% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 8% of equity. Manageable
Interest coverage = -27.7x (<2x). Financial stress
Other assets grew 162.8% vs revenue 7.9%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 1167% YoY
Manipulation Score
M-Score = -3.13 (< -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