Zevra Therapeutics, Inc. — Earnings Quality Grade F
ZVRA · Healthcare
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 ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 34 days, change -28 days YoY
AR growth 146.3% vs revenue growth 350.9%
Revenue grew 350.9% but CFFO only 97.7%
Expense Quality
Inventory -11.7% vs COGS 122.2%. Normal
Insufficient data
SG&A/Gross Profit = 86.3%, exceeds 70%
Gross margin rose +15.9pp while AR increased and AP decreased. Fraud pattern
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = 29.8%. Exceeds 10%
Cash $0.2B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 7% of equity. Manageable
Interest coverage = -0.5x (<2x). Financial stress
Other assets -91.0% vs revenue 350.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -85% YoY. Normal
Manipulation Score
M-Score = 1.54 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25