Stage 2 stocks ranked by growth metrics · Revenue / EPS / FCF CAGR (3-year) cross-referenced with Stage 1 & Stage 2 scores
238 stocks · Generated 2026-10-10 00:53 UTC
| # | Ticker | Company | Cap | S1 | S2 | Stars | Rev 3Y | EPS 3Y | FCF 3Y | ROE | NMarg | PE | FCF Yld | D/E | Issues |
|---|
Bubble size = market cap · X = Revenue CAGR 3Y · Y = Stage 2 score (lower = better quality) · Color = star band
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.30× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.15× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +11.3% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +4.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.53× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -22.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +74.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.64× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.58× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.18× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +9.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +3.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.09× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -5.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +31.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.30× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.92× | — | ● Green (0) |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +25.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +60.4% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2070.6% | — | ● Green (0) |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 5.83× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +60.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.58× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.94× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.85× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +13.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.0% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.16× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -23.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +31.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.21× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.82× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.42× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +14.8% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +9.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.46× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -12.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +40.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.31× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.96× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.52× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +13.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +5.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.27× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -6.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +16.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.27× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.8% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 7.64× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.97× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +6.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +2.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.57× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -17.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +20.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.05× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.4% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.37× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.22× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +41.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +40.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.40× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -12.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +59.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.44× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +20.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.67× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.66× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +19.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +8.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.17× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -100.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +28.0% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.50× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +10.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.42× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.51× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +16.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.7% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.81× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -71.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +76.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.51× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.28× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.13× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +3.9% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.8% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.80× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +0.9% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +28.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.36× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.89× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.04× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +8.4% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +1.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.47× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -56.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +45.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.09× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.74× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.93× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +14.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +7.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -16.58× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +41.1% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +51.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.44× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +13.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.10× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.05× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +3.0% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.4% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -4.03× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +21.0% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.42× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.95× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.13× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.12× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +13.4% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +0.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.89× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -9.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +37.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.39× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +19.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.16× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.14× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +4.7% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +3.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.68× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -4.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +88.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.05× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.8% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.59× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.30× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -3.2% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +13.6% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.06× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +26.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.47× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.94× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.30× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.17× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +42.6% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +19.5% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.68× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -15.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +10.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.61× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +32.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.41× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.22× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +4.2% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +26.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -3.80× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -37.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +28.6% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 1.14× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.47× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.22× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +50.8% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +49.5% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.09× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -64.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +15.8% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.68× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +32.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.23× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.15× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +15.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.0% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.20× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -55.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +30.4% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.44× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.8% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 10.10× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -2.39× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +32.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.40× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +9.4% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +5.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.06× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.83× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +13.4% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 100.59× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -4.78× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.4% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +10.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.03× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -7.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +15.6% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.03× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.95× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.34× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +14.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.5% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.20× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -73.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +58.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.26× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.54× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.43× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +14.4% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.3% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.81× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -20.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +28.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.24× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.65× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.86× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +5.6% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.5% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.40× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -9.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +71.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.11× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.12× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.26× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +29.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.6% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.99× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +1139.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +85.2% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.31× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.00× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.23× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +10.3% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -18.7% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.07× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -59.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.2% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.40× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.22× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.88× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -3.1% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +3.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.54× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +17.2% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +80.2% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.22× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.96× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.8% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.73× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.09× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -4.4% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.1% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -3.23× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +1.0% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +13.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.29× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.96× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.48× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.46× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -3.0% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +0.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.18× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +34.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +68.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.15× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +0.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.73× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +7.7% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +84.3% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3337.8% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 9.44× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +84.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.81× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.68× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -2.2% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +92.5% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2507.5% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 6.04× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +92.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.91× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.95× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.10× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.11× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -2.7% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +10.5% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.01× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +7.2% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +14.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.29× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.5% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.53× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.19× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.4% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.2% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.08× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -69.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +73.6% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.14× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +8.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.79× | — | ● Yellow (1) |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -1.5% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +70.5% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3648.7% | — | ● Yellow (1) |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 8.11× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +70.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.68× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.99× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.71× | ● Yellow (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.10× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +27.7% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +1.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.93× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +4.9% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +84.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.65× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +12.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.23× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.22× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +9.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -7.9% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.28× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +12.5% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +35.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.22× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.8% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.68× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.69× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +15.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.2% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.60× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -70.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +39.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.38× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +16.2% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.36× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.30× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +16.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.9% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.92× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -11.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +43.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.15× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +16.3% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.70× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.13× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +2.6% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +20.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.52× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -14.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +36.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.72× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +92.1% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.94× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +2.2% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +67.1% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2807.6% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.99× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +67.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.64× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.96× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +6.0% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +52.0% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4008.4% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.48× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +52.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.49× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +8.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.09× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +3.5% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +46.0% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3818.3% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.74× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +46.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.37× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +8.4% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.17× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +2.1% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +73.5% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3650.1% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.83× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +73.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.67× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.18× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -6.49× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +17.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +42.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.71× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -54.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +46.0% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.06× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +13.4% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.09× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +1.2% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +76.0% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4561.3% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 5.54× | ● Green (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +76.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.69× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.35× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.20× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -0.5% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -3.2% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.95× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -10.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +26.5% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.25× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.93× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +9.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 9.29× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +20.4% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +68.6% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4794.2% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.82× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +68.6% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.67× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +12.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 2.23× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -1.6% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +87.0% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4176.9% | ● Yellow (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 5.12× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +87.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.82× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.04× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.17× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +11.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.9% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.44× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -11.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +22.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.38× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +12.2% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.81× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.22× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +32.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -12.0% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.67× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -56.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +16.5% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.39× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +9.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.74× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.38× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +47.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +12.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.21× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -53.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +38.6% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.41× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +24.3% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.17× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.08× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +29.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.8% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.57× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -65.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +28.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.33× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +20.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.39× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.40× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +65.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +309.5% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.89× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -64.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +11.9% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.23× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +46.9% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.42× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.23× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +32.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -4.9% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.74× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +10.3% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +86.5% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.22× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +10.3% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.96× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -2.7% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +72.8% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4067.8% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.52× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +72.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.73× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.96× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.58× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.64× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +52.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +19.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.33× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -59.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +44.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.21× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +34.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.11× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.14× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +1.6% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.1% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.76× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +92.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.22× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.11× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.75× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +27.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -15.5% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.30× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +20.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.30× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +23.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.98× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.19× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +23.0% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +1.6% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.10× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -30.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +32.4% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.61× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +11.6% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.80× | ● Yellow (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.04× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +13.2% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -7.3% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.57× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -33.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +33.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.40× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +11.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.72× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.30× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -2.3% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.3% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.65× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +4.6% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +23.6% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.19× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.86× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.4% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 4.31× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.08× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +5.0% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +8.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.54× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +29.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +30.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.19× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.10× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +0.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +59.9% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4173.4% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.78× | ● Yellow (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +59.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.57× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.10× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +0.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +59.9% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4173.4% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.78× | ● Yellow (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +59.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.57× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.05× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.19× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +0.7% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +0.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.87× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +26.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +85.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.25× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.99× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 2.10× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -1.5% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +62.9% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3946.7% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.77× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +62.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.60× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.11× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.08× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -7.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +6.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -4.52× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -1.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +27.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.32× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.66× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.03× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.39× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +47.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +16.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.93× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -139.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +45.9% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.50× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +30.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.92× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.84× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +21.8% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +1.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.28× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +94.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.06× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.49× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.43× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +3.0% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +23.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.28× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -26.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +21.4% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.43× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 4.98× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.99× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -12.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +6.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.38× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -28.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +37.1% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.15× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.88× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +29.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.31× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.17× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +4.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.0% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.09× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +28.8% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +10.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.59× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.91× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 4.90× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.60× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +190.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -103.1% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.18× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -46.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +16.9% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.15× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.95× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +133.7% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.02× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.17× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -3.1% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -7.5% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -3.93× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -5.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +30.5% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.52× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +23.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.21× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.65× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -9.2% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +13.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.95× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -13.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +40.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.08× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.91× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +12.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.17× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.45× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -4.2% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.6% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.35× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +4.7% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +21.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.22× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.96× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.18× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.41× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +44.0% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +12.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.12× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -81.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +32.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.08× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +47.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.61× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +42.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +78.2% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3473.6% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 6.71× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +78.2% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.75× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +21.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.27× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.36× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +207.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -102.1% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.56× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -238.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.36× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +106.7% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.45× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.98× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +3.1% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.1% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.31× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +12.9% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +24.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.15× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.17× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.83× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +39.6% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +57.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.86× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +30.7% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +16.3% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.34× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +24.4% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.96× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -5.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +64.1% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2964.9% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.69× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +64.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.68× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.95× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.21× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.28× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +15.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +32.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.29× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +7.5% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +24.5% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.49× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.91× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +26.1% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.62× | ● Yellow (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.67× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +27.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -8.1% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.22× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -5.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.23× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +16.2% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.46× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.24× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +1.5% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.1% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.32× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +24.1% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +69.2% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.13× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.5% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 5.99× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -7.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +73.8% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3348.4% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.63× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +73.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.74× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.93× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +12.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.34× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.15× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -0.4% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.8% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -3.11× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +3.3% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +47.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.13× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -5.09× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.13× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +0.7% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +0.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.07× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +2.5% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +35.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.03× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.96× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.5% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.69× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.10× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +9.5% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -10.2% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 4.49× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -8.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.21× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.39× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +0.2% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +69.1% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3565.9% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.44× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +69.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.69× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +0.5% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.53× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.55× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -4.8% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +14.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.84× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +10.9% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +29.4% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.32× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.95× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.82× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.62× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -2.1% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +2.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.73× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +1.4% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +31.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.25× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +13.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.09× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.69× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +42.4% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +66.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.89× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -19.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +27.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 1.51× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.41× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.33× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +29.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +2.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 11.79× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -38.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +36.2% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.09× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +8.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.03× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.12× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +2.4% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -11.5% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -4.50× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +7.3% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +52.2% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.53× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.96× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.01× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -30.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +1.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.30× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +40.5% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +23.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.40× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.48× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +23.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.36× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.33× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +1.8% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +0.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 6.19× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +89.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.10× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 8.65× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.22× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -9.7% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +10.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 7.37× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -1.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +21.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.12× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.86× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +24.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 2.92× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +2.5% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +76.9% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2960.4% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.55× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +76.9% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.75× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +14.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.47× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +5.6% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +71.9% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3600.8% | ● Yellow (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.97× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +71.9% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.63× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.86× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.16× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +1.6% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.6% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.26× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +7.2% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +84.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.52× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.99× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.33× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.65× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +2.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 19.61× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -70.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +71.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.32× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.48× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.15× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +38.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +64.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.01× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -30.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +11.9% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.48× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.92× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +35.6% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 3.05× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +5.4% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +58.8% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4317.0% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.99× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +58.8% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.53× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 2.24× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -4.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +67.9% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3602.5% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.64× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +67.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.75× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +11.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.01× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.71× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +4.0% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -4.0% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.02× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +20.9% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +13.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.36× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +11.3% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 5.07× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.46× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -2.1% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -4.0% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.49× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +10.8% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +10.3% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.13× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 7.41× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.81× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -1.2% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.3% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 18.80× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -73.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +49.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.04× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.5% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.10× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.04× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +25.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +29.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.35× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +42.7% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +40.2% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.71× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +17.4% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.63× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.42× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +1.2% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +7.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.87× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -14.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +51.3% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.41× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.52× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.36× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -8.7% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.0% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -4.32× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +7.9% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +98.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.25× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.91× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +113.3% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.80× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.61× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +4.2% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +10.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.25× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +35.9% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +43.6% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.40× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.81× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +11.4% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -1.11× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.86× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +10.1% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +14.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.76× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -44.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +72.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.53× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +28.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.52× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.05× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.4% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +20.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.52× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +82.5% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.2% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.88× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.52× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.05× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.4% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +20.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.52× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +82.5% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.2% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.88× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.11× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.79× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +1.4% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +3.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 5.52× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +36.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.52× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.93× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.37× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.33× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +33.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +8.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.23× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +39.4% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.30× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +37.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.76× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.14× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +59.9% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +0.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.04× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +30.4% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +52.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.37× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +25.3% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.06× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.16× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +14.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -8.2% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -10.66× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +18.9% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +20.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.09× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +8.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.74× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.69× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +33.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +275.2% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 87.52× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -126.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.4% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -1.44× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +29.5% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.84× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.12× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -1.7% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.6% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.43× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +24.2% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +76.2% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.38× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +19.7% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 6.95× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -3.55× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -15.8% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +29.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.76× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -50.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +18.2% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.10× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.84× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +28.1% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.37× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +1.0% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +69.4% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4003.7% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.58× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +69.4% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.63× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.4% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -1.10× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.06× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -9.2% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +17.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -10.73× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -22.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +63.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.47× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.69× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +8.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.62× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.82× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -2.5% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +23.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -5.68× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -89.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +49.5% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.82× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +77.7% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -3.07× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.24× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -9.2% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -10.8% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -22.06× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -37.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +14.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.41× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.91× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +9.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.80× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.75× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -7.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -4.1% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.88× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +11.0% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +29.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.23× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.87× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.5% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.48× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.28× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +48.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +27.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.54× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +158.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +83.3% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.16× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +104.6% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.76× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.81× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -8.6% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +16.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.60× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -4.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +7.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.41× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.80× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.22× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.75× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -6.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +2.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -10.17× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -23.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +56.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 2.06× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.94× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +17.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.55× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.18× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -0.1% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -3.1% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.76× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -7.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.2% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.13× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +29.9% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.05× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.08× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +5.7% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +339.5% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.63× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -61.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +7.3% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.76× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.91× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +24.4% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.49× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +4.9% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +78.7% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3764.6% | ● Yellow (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.69× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +78.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.55× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.29× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.64× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +75.8% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +11.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.22× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +16.2% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +13.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.47× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +42.5% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -6.75× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 8.03× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.0% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.4% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -35.86× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -4.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.02× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +9.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.75× | ● Yellow (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.06× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +455.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +111.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.80× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -462.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +93.1% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.99× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.12× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +308.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.71× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.33× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +62.3% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +47.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.46× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +9.8% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +11.6% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -1.42× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.96× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +49.3% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 197.67× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -71.83× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +31.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -23.4% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 6.02× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -4.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +21.6% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.00× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +20.4% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 18.99× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +6.1% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +36.4% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2887.3% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 4.52× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +36.4% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.09× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.83× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +20.2% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 5.70× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.30× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +38.4% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +10.5% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.42× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +23.1% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +10.2% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.35× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +26.7% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.74× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.24× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +2794.0% | — | ● Green (0) |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -928.4% | — | ● Red (2) |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.10× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +682241.7% | — | ● Red (2) |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +32.6% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.51× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | — | — | ● N/A (1) |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.68× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.45× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +59.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -14.8% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.40× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -3.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +26.8% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.30× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +29.7% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.66× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.82× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -1.1% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +130.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 8.08× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -36.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +12.1% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 1.94× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.99× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +10.7% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -4.66× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.32× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -3.1% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +1.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.61× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -12.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +72.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.03× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.92× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.4% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.49× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.19× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +27.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +91.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -7.15× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | — | — | ● N/A (1) |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +62.5% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -89.48× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.32× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +47.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 4.52× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.59× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +6.4% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.0% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.49× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +16.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +44.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.13× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 10.06× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.05× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +91.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +63.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -5.81× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +15.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.7% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.40× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +65.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.45× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 2.13× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +11.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +16.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.56× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -5.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +43.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.17× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.82× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +22.4% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.27× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.09× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -16.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +13.6% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.75× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -27.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +40.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.43× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.56× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.39× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.02× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +37.4% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +62.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.80× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -27.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +36.8% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -2.49× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +75.3% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.74× | ● Yellow (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.07× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +26.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +181.2% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.73× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +18.4% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +9.6% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -10.26× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +47.6% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.17× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.31× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +39.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -20.6% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.58× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -58.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +99.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 3.51× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +30.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -27.84× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -11.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +60.7% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3785.8% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.13× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +60.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.60× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.79× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.51× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.10× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +9.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.7% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.05× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +19.9% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +71.5% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.25× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +11.6% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.96× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +72.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +44.1% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3523.1% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.62× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +44.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.42× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +45.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -2.35× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.03× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +21.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.8% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.06× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +106.3% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +30.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.11× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +8.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 5.90× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.26× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +151.3% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -107.6% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.62× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +671.1% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +12.0% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.23× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +87.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.18× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +2.6% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +61.2% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3835.6% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.41× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +61.2% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.61× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.96× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.59× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.25× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -10.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +71.6% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.10× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -20.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +35.5% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.62× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.89× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +51.8% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.13× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.29× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -70.9% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -4.1% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -6.95× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -6.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +28.5% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.78× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.29× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +348.6% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.03× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.03× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +139.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -65.4% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.25× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -79.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | -1.2% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 71.41× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +88.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.02× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.81× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +2.8% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.4% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 20.69× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +193.1% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +89.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.26× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.4% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.43× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.09× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +376.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +6732.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 20.09× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -455.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +83.9% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.24× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +216.8% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.98× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.07× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.2% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +28.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 5.71× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +176.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.7% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.10× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.89× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +21.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.47× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.17× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -7.2% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -16.2% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.97× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -1.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +30.0% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.70× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.79× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +22.4% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 107.43× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 117.43× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +3.4% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | — | — | ● N/A (1) |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 8.52× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +14.6% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | — | — | ● N/A (1) |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | — | — | ● N/A (1) |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.8% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.88× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.76× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +0.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | — | — | ● N/A (1) |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.24× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -4.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | — | ● N/A (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | — | ● N/A (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.88× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.76× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +0.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | — | — | ● N/A (1) |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.24× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -4.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | — | ● N/A (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | — | ● N/A (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.50× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +1.7% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +66.8% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3729.2% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.68× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +66.8% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.53× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.61× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.06× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -8.9% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -5.4% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.52× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +2.4% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +20.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.35× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.69× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +10.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -11.65× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -6.51× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +123.3% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +201.5% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.64× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -6.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +31.9% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.06× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.83× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +93.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 4.69× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.22× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -11.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +129.2% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 6.27× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -3.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +9.3% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.23× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.69× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.44× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.64× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +32.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.8% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.95× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +24.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +90.1% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.20× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +33.3% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.00× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.30× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -32.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +24.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.62× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +39.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +20.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.44× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.68× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +71.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -4.01× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -2.03× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.6% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -8.2% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | — | ● N/A (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -82.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +84.4% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.01× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +76.1% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.41× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.57× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +96.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.1% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.84× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +21.1% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +87.9% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.37× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +43.6% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.12× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.23× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -6.7% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.8% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -6.93× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -16.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +32.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.31× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.38× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +17.2% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.81× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.40× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +59.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -3.8% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.09× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +132.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +41.9% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.51× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +40.8% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | — | ● N/A (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | — | ● N/A (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | — | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | — | ● N/A (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | — | ● N/A (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | — | ● N/A (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | — | ● N/A (1) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | — | ● N/A (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.43× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.23× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +174.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +130.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 5.51× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -182.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +16.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.55× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +121.1% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.34× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.12× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +6.8% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -19.2% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -7.20× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +32.9% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +26.5% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.44× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +21.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -18.88× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +1.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +52.0% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4397.1% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.49× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +52.0% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.49× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.99× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.4% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.20× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.13× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +63.6% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +33.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.14× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -59.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +30.2% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 60.40× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.21× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +73.9% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.06× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.51× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +21.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +2.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -15.96× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +33.2% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.3% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.39× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.89× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +30.7% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.72× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.48× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -5.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -5.5% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -144.43× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -7.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +7.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.10× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.77× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.02× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.04× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +34.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -35.6% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.01× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -34.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +46.8% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -1.35× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.49× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +45.3% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.46× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.02× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +4.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +9.5% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -3.29× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +47.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +48.3% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.30× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +49.5% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.20× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.10× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +50.0% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -50.0% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.87× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -86.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +31.3% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.66× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.67× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +48.5% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -4.72× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.01× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -11.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +16.6% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 9.40× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +3.6% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +11.1% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.14× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.89× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +19.1% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.75× | ● Yellow (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.01× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -5.6% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +6.2% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.50× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +24.8% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | -4.5% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 8.07× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.81× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.00× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.71× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -9.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +1.2% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -8.92× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +4.5% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.3% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.14× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.89× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +16.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -7.17× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.20× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +5767.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -4122.6% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 7.02× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -5855.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +21.2% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.76× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3313.1% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.60× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.42× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -21.9% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +144.6% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -71.67× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -66.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +0.2% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -29.79× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.50× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.50× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.03× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -7.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +6.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.89× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -19.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +23.9% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.66× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.83× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +10.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 7.90× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -2.46× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -6.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +9.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 13.95× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +55.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +15.2% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.03× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.89× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +12.3% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.75× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.07× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +49.3% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -33.7% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.61× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +179.2% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.0% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.50× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +38.9% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.29× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.54× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -23.9% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +3.4% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.80× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +25.9% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +42.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.07× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.76× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +16.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.87× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 2.71× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -3.3% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -7.6% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -11.30× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -14.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +21.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.25× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.91× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.8% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.73× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.08× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +49.3% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -33.7% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.60× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +70.8% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.0% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.50× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +38.9% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -1.21× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -6.0% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +56.0% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4270.0% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.75× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +56.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.02× | ● Yellow (1) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.47× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.35× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +110.3% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -27.7% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.53× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -173.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +55.7% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.55× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.31× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +98.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -8.47× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -9.6% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +52.1% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3351.3% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.69× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +52.1% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.49× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.83× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.41× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.47× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -14.2% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -3.3% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -3.03× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -20.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +55.1% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.41× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.67× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +9.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -3.97× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +2.8% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +48.5% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3993.4% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.21× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +48.5% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.33× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.98× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.26× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -67.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +102.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.06× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +144.9% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +43.3% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -2.00× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.18× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +24.7% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 2.65× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -2.0% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +90.1% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4194.2% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.35× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +90.1% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.79× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.85× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +18.1% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.54× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.47× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +56.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +70.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.13× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +3391.9% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +40.5% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -4.06× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.21× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +83.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -2.34× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.45× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +1.0% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -7.0% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 5.96× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -19.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +33.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.11× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.81× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +18.9% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.31× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.30× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +2626.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +7386.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 5.51× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2448.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +54.5% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 9.67× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1509.5% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 4.54× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 2.04× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -15.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.8% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 73.74× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -3.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +2.6% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.41× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.80× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +22.2% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -5.48× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.16× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -16.0% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -15.3% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.47× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -11.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +11.4% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.53× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.71× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.45× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.27× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -9.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -7.6% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.92× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -14.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +48.6% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.95× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.91× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +27.7% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.93× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.50× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -29.0% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.6% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -10.78× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -36.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +51.8% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.42× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.70× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +16.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 75.24× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -28.87× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -5.0% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -11.2% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.79× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +8.9% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +38.6% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.01× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.95× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +10.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.02× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.15× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -7.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -5.8% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 10.08× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -42.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +42.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -1.71× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.91× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +9.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 8.41× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.38× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -16.2% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -16.2% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -4.17× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +44.4% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +31.3% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.10× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.74× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.76× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.02× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +13.8% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -12.4% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.08× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +1.8% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.74× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.61× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +27.6% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.71× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.92× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +12.1% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -5.5% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.23× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +7.2% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +28.1% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.18× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.76× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +138.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.20× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.74× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -23.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.6% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -3.54× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -23.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +26.7% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.61× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.20× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +15.4% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.65× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.77× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -33.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +24.5% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.97× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +222.4% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +8.1% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.39× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.67× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +134.8% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -1.91× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -2.48× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -13.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +2.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.27× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +5.0% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +29.6% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.06× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.83× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +14.3% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -1.27× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.13× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +3.6% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -19.0% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.12× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +1739.7% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +12.0% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.71× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +976.5% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.10× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.01× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +50.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +30.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 6.76× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -137.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | -0.6% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 91.34× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.47× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +54.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.67× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.39× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -15.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +10.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | — | — | ● N/A (1) |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -12.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +26.2% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.37× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.82× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +31.6% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -14.01× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -5.68× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -24.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +2.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.74× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +4.5% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +32.6% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.04× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.44× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +21.3% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.37× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.49× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -42.0% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +11.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.09× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +57.3% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +50.4% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.87× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.46× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +23.9% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.81× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.02× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +1.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -4.5% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 285.39× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -1.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +15.1% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.20× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.59× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +15.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.21× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.73× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +0.3% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +5.6% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.20× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +39.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +51.0% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -2.55× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.60× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +20.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.21× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.11× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -13.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -33.7% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.69× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -19.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +12.3% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.77× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.66× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.14× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 2.07× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -9.8% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +0.2% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 59.45× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +31.0% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.82× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +10.3% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.10× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.24× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +156.3% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -26.8% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.85× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +40.1% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +25.5% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.37× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +90.7% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 4.85× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.90× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -11.8% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -9.7% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.97× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +23.8% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +13.6% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.07× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.88× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +14.6% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.70× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.46× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -0.6% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +12.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.09× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +48.9% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +44.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 1.08× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +28.5% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.47× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.71× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -2.5% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -11.0% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -70.57× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +71.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +84.4% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -3.18× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.37× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +51.5% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.50× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.14× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.0% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -35.5% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 4.11× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -7.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +4.3% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -1.80× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +11.2% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.36× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -2.03× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -3.4% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.0% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 10.17× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -4.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +6.6% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.42× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.81× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +33.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.03× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.05× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -9.7% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -12.9% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 18.14× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +21.2% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.34× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.88× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 3.12× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -6.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +45.6% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4431.5% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.74× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +45.6% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.50× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.80× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.5% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -9.51× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 2.54× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +11.8% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.0% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.39× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +15.5% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +2.2% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.45× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +310.9% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -5.16× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -2.59× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | — | ● N/A (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | — | ● N/A (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.13× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | — | ● N/A (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +78.3% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.04× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +30.3% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -11.88× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 3.74× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -39.2% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +90.7% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | — | — | ● N/A (1) |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -35.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +16.4% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.61× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.18× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +104.8% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.34× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.83× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +38.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +48.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | — | ● N/A (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -14.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +14.2% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.26× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.63× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +50.8% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.24× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -3.93× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +103.1% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +38.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.69× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -28.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +18.0% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.11× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.56× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +86.9% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -24.48× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 7.35× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +59.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +12.5% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.20× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +15.3% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +56.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.01× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.89× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +49.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.54× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.32× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -73.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +14.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -3.80× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +57.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +22.9% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -6.32× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.08× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +60.6% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.42× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.33× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -12.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +14.6% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.44× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +40.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +46.2% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.16× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.42× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +18.9% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.28× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.08× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -29.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -9.6% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.38× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +11.1% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +42.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -2.08× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.71× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +46.1% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -1.58× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.93× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +14.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -2.6% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 7.30× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -10.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +11.2% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.44× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +27.1% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.87× | ● Yellow (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.00× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -71.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +37.6% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.18× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +12.3% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +63.4% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.29× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.25× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +71.1% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.93× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.13× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -43.9% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -60.3% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.90× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +113.5% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | -0.4% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 29.74× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.56× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +40.1% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.55× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.08× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -26.7% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -15.3% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.96× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -18.7% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +23.5% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.82× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.66× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +13.2% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.55× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.65× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -75.2% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -21.3% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.46× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -24.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | -358.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 3.67× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.23× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +91.6% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -21.98× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 4.45× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -31.6% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +0.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.93× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +39.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +25.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.04× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.68× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +43.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -5.43× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.57× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -18.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -3.7% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 15.84× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +0.8% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +23.7% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.37× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.74× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +12.9% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.33× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.68× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +18.5% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -26.1% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -3.14× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -16.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.5% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 1.08× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.81× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +35.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.72× | ● Yellow (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.02× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -87.9% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -206.1% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -2.22× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -12.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | -646.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 1.89× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.04× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +28.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -1.27× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.15× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -22.8% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +20.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 12.71× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +757.4% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +14.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.14× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.68× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +90.8% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.02× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.96× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -15.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -0.5% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -4.76× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +70.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +70.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 10.25× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.85× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +20.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -8.41× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -4.69× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -12.9% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -3.6% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 4.17× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +18.8% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +11.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.04× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.75× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +13.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.19× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.28× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -51.0% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +27.8% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.35× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +95.6% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | -6.5% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 5.66× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.39× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +55.3% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.62× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.22× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -35.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +0.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -4.87× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -31.0% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +36.2% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.27× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.65× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +42.8% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.09× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.73× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -10.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -37.6% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.37× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -45.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +11.4% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -5.88× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.57× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +78.7% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.57× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.32× | ● Yellow (1) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +26.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -23.8% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.21× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -56.5% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +49.5% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.88× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.34× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +44.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.47× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.32× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -20.8% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -36.9% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 14.13× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -25.3% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +22.4% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -1.84× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.16× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +19.9% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.12× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.02× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -4.4% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -5.3% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 5.73× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -25.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +48.0% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -2.94× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.47× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +31.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.65× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.72× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -28.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -25.7% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -5.08× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -71.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +64.1% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 1.77× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.25× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +32.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | -0.14× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 1.00× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | — | — | ● N/A (1) |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | — | — | ● N/A (1) |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | — | ● N/A (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | — | — | ● N/A (1) |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +2.7% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 285.36× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.07× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | — | — | ● N/A (1) |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.11× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.01× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -44.0% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -370.2% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.37× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | — | — | ● N/A (1) |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | -117.8% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 1.21× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.51× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +606.7% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.22× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.54× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -32.7% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +36.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.87× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +61.4% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +74.0% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.59× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.60× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +16.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.65× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.14× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -23.0% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -3.5% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 1.73× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +25.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +16.4% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.61× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.77× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +50.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.54× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.20× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -14.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -28.5% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 27.30× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +15.5% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +13.8% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.45× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.71× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +8.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.19× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 2.28× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -6.2% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -13.7% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 6.54× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -69.8% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +19.1% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 1.06× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.89× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +27.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -0.35× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -32.0% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +46.7% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +5904.2% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.03× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +46.7% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.42× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.55× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +17.6% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.78× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.51× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -17.7% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -24.7% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.49× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +73.4% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.6% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.85× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.82× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +59.9% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -0.24× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -33.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +61.1% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4457.9% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.72× | ● Yellow (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +61.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.53× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.67× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +26.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -0.24× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -33.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +61.1% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4457.9% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.72× | ● Yellow (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +61.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.53× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.67× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +26.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.85× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.05× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -21.9% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -22.2% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.87× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +37.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +20.0% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | -0.50× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.68× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +36.4% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
A concise weekly note with score changes, new watchlist candidates, and methodology updates.