Viavi Solutions Inc. — Earnings Quality Grade D
VIAV · Technology
Significant concerns
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 10 days
AR outpaced revenue for 2 consecutive years
Revenue 8.4%, CFFO -22.9%. Cash follows revenue
Expense Quality
Inventory 22.2% vs COGS 9.1%. Normal
CapEx growth 42.6% is >2x revenue growth 8.4%
SG&A/Gross Profit = 56.3%. Normal
Gross margin 57.3%, change -0.3pp. Stable
Cash Flow Quality
CFFO/NI = 2.58. Profits backed by cash
FCF $0.1B, FCF/NI = 1.78
Accruals ratio = -2.8%. Low accruals
Cash $0.4B covers 61% of debt $0.7B
Balance Sheet Health
Goodwill+Intangibles $0.7B = 93% of equity. Over 50%
Debt/EBITDA = 5.4x (>4x). Financial stress
Other assets 13.9% vs revenue 8.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 48% YoY
Manipulation Score
M-Score = -2.31 (< -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