Tonix Pharmaceuticals Holding C — Earnings Quality Grade F
TNXP · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 41 days (133 → 175)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 70.3% exceeds revenue growth 29.8%
Revenue grew 29.8% but CFFO declined -63.9%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory -16.6% vs COGS -14.5%. Normal
CapEx growth 2707.5% is >2x revenue growth 29.8%
SG&A/Gross Profit = 1355.9%, exceeds 70%
Gross margin swung +26.3pp (23.1% → 49.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -8.7%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Interest coverage = -1378.6x (<2x). Financial stress
Other assets grew 128.7% vs revenue 29.8%
Write-offs normal
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 0% YoY. Normal
Manipulation Score
M-Score = -2.46 (< -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