zSpace, Inc. — Earnings Quality Grade F
ZSPC · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 19 days, change -12 days YoY
AR growth -54.7% vs revenue growth -26.9%
Revenue -26.9%, CFFO -102.5%. Cash follows revenue
Expense Quality
Inventory -25.8% vs COGS -35.2%. Normal
CapEx growth 100.0% is >2x revenue growth -26.9%
SG&A/Gross Profit = 227.0%, exceeds 70%
Gross margin swung +6.7pp (40.9% → 47.6%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -97.8%. Low accruals
Cash $0.0B covers only 4% of debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = -4% of equity. Manageable
Interest coverage = -15.0x (<2x). Financial stress
Insufficient data
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 surged 70% YoY
Manipulation Score
M-Score = -7.06 (< -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