Via Transportation, Inc. — Earnings Quality Grade F
VIA · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 69 days, change -11 days YoY
AR growth 10.6% vs revenue growth 28.6%
Revenue 28.6%, CFFO 55.9%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 32.9% vs revenue 28.6%. Normal
SG&A/Gross Profit = 90.8%, exceeds 70%
Gross margin 39.6%, change +0.8pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -8.9%. Low accruals
Cash $0.4B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 36% of equity
Interest coverage = -10.4x (<2x). Financial stress
Other assets 27.7% vs revenue 28.6%. Normal
No write-off data
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 22% YoY. Normal
Manipulation Score
M-Score = -2.68 (< -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