Vistance Networks, Inc. — Earnings Quality Grade F
VISN · Technology
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 66 days, change -0 days YoY
AR growth 38.9% vs revenue growth 39.7%
Revenue 39.7%, CFFO 18.2%. Cash follows revenue
Expense Quality
Inventory -23.0% vs COGS 25.5%. Normal
CapEx growth 177.9% is >2x revenue growth 39.7%
SG&A/Gross Profit = 52.0%. Normal
Gross margin swung +5.7pp (43.8% → 49.5%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $0.3B, FCF/NI = 0.11
Accruals ratio = 20.9%. Exceeds 10%
Cash $0.8B covers only 10% of debt $7.3B
Balance Sheet Health
Goodwill+Intangibles $1.6B = 584% of equity. Over 50%
Debt/EBITDA = 23.6x (>4x). Financial stress
Other assets -95.1% vs revenue 39.7%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -8% YoY. Normal
Manipulation Score
M-Score = -1.25 (> -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