Run 20260904_1743 vs latest prior company snapshots · 48 stocks analysed · Generated 2026-09-04 17:43 UTC
Tracks score changes, star band shifts, and individual test flips across Stage 2 runs.
| Severity | Ticker | Company | Event | Details |
|---|---|---|---|---|
| warning | N02 | NSL Ltd | Test Flipped Red | Test B2 flipped green → red |
| info | 1F3 | Aspen (Group) Holdings Li | New Entry | First analysis: score 14/20, ○ Weak Screen Match |
| info | 1V3 | Mooreast Holdings Ltd. | New Entry | First analysis: score 5/20, ⭐⭐ Watchlist Match |
| info | 5EG | Zhongxin Fruit and Juice | New Entry | First analysis: score 15/20, ○ Weak Screen Match |
| info | 5PF | Jason Marine Group Limite | New Entry | First analysis: score 6/20, ⭐⭐ Watchlist Match |
| info | BEZ | Beng Kuang Marine Limited | New Entry | First analysis: score 6/20, ⭐⭐ Watchlist Match |
| info | EGX | EGP Energy Corporation Li | New Entry | First analysis: score 4/20, ⭐⭐ Watchlist Match |
| info | FHH | Foundation Healthcare Hol | New Entry | First analysis: score 9/20, ⭐ Mixed Screen Match |
| info | KIN | Kin Global Limited | New Entry | First analysis: score 6/20, ⭐⭐ Watchlist Match |
| info | N02 | NSL Ltd | Band Upgrade | Upgraded from 0-star to 2-star |
| info | N02 | NSL Ltd | Test Flipped Green | Test B1 flipped yellow → green |
| info | N02 | NSL Ltd | Test Flipped Green | Test C2 flipped red → green |
| info | N02 | NSL Ltd | Test Flipped Green | Test E1 flipped red → green |
| info | SHE | Soon Hock Enterprise Hold | New Entry | First analysis: score 8/20, ⭐ Mixed Screen Match |
| Ticker | Company | Reason | Initial | Current | Trend | Watched | Notes |
|---|---|---|---|---|---|---|---|
| ZBA | Infinity Development Hold | Strong Screen Match | 3 | 3 | unchanged | 100d | |
| 42E | Choo Chiang Holdings Ltd. | Strong Screen Match | 3 | 3 | unchanged | 100d | |
| ENV | LS 2 Holdings Limited | Strong Screen Match | 3 | 3 | unchanged | 100d | |
| P8Z | Bumitama Agri Ltd. | Strong Screen Match | 3 | 3 | unchanged | 100d | |
| S19 | Singapore Shipping Corpor | Strong Screen Match | 0 | 3 | worsened (+3) | 100d | |
| ZQM | Soilbuild Construction Gr | Strong Screen Match | 3 | 3 | unchanged | 100d | |
| MR7 | Nordic Group Limited | Strong Screen Match | 3 | 3 | unchanged | 100d | |
| BQD | Envictus International Ho | Strong Screen Match | 3 | 3 | unchanged | 100d | |
| C41 | Cortina Holdings Limited | Strong Screen Match | 3 | 1 | improved (-2) | 90d | |
| AGS | The Hour Glass Limited | Strong Screen Match | 3 | 3 | unchanged | 63d | |
| KUH | TSH Corporation Limited | Watchlist Match | 4 | 4 | unchanged | 101d | |
| 5CF | OKP Holdings Limited | Watchlist Match | 5 | 5 | unchanged | 101d | |
| 5ML | Old Chang Kee Ltd. | Watchlist Match | 4 | 6 | worsened (+2) | 100d | |
| LMS | LMS Compliance Ltd. | Watchlist Match | 5 | 5 | unchanged | 100d | |
| BHU | SUTL Enterprise Limited | Watchlist Match | 5 | 5 | unchanged | 100d | |
| ULG | UltraGreen.ai Limited | Watchlist Match | 4 | 4 | unchanged | 100d | |
| OAJ | Fortress Minerals Limited | Watchlist Match | 4 | 4 | unchanged | 100d | |
| 41B | Huationg Global Limited | Watchlist Match | 5 | 5 | unchanged | 100d | |
| BNE | Kencana Agri Limited | Watchlist Match | 5 | 5 | unchanged | 100d | |
| OTX | Medinex Limited | Watchlist Match | 5 | 4 | improved (-1) | 100d | |
| G0I | Nam Lee Pressed Metal Ind | Watchlist Match | 6 | 6 | unchanged | 100d | |
| AWZ | Multi-Chem Limited | Watchlist Match | 4 | 4 | unchanged | 100d | |
| KUO | International Cement Grou | Watchlist Match | 5 | 5 | unchanged | 100d | |
| Q0X | Ley Choon Group Holdings | Watchlist Match | 4 | 4 | unchanged | 90d | |
| O9E | Parkson Retail Asia Limit | Watchlist Match | 4 | 4 | unchanged | 90d | |
| Q0F | IHH Healthcare Berhad | Watchlist Match | 4 | 4 | unchanged | 90d | |
| LCC | Lum Chang Creations Limit | Watchlist Match | 6 | 6 | unchanged | 90d | |
| BTM | Penguin International Lim | Watchlist Match | 5 | 5 | unchanged | 55d | |
| EGX | EGP Energy Corporation Li | Watchlist Match | 4 | 4 | unchanged | 0d | |
| N02 | NSL Ltd | Watchlist Match | 5 | 5 | unchanged | 0d | |
| 1V3 | Mooreast Holdings Ltd. | Watchlist Match | 5 | 5 | unchanged | 0d | |
| KIN | Kin Global Limited | Watchlist Match | 6 | 6 | unchanged | 0d | |
| BEZ | Beng Kuang Marine Limited | Watchlist Match | 6 | 6 | unchanged | 0d | |
| 5PF | Jason Marine Group Limite | Watchlist Match | 6 | 6 | unchanged | 0d |
| Ticker | Company | Score | Non-Green Tests |
|---|---|---|---|
| C41 | Cortina Holdings Limited | 1/20 | B2 (yellow) |
| S19 | Singapore Shipping Corpor | 3/20 | A2 (yellow), B1 (yellow) |
| 42E | Choo Chiang Holdings Ltd. | 3/20 | B1 (yellow), B2 (yellow), C2 (yellow) |
| ZBA | Infinity Development Hold | 3/20 | E2 (yellow) |
| ENV | LS 2 Holdings Limited | 3/20 | B1 (yellow), D2 (yellow) |
| MR7 | Nordic Group Limited | 3/20 | B1 (yellow), E1 (yellow) |
| AGS | The Hour Glass Limited | 3/20 | B2 (yellow), D1 (yellow) |
| ZQM | Soilbuild Construction Gr | 3/20 | E2 (red) |
| BQD | Envictus International Ho | 3/20 | D2 (red) |
| P8Z | Bumitama Agri Ltd. | 3/20 | D1 (red), E2 (yellow) |
Stocks scoring 4-6 — showing which tests limit Strong Screen Match status.
| Ticker | Company | Score | Blocking Tests |
|---|---|---|---|
| KUH | TSH Corporation Limited | 4/20 | B1 (green, +1), B2 (yellow, +1), D1 (yellow, +1) |
| ULG | UltraGreen.ai Limited | 4/20 | A1 (yellow, +1), B1 (green, +1), C2 (yellow, +1) |
| OAJ | Fortress Minerals Limited | 4/20 | D1 (red, +2), B2 (yellow, +1), C1 (green, +1) |
| OTX | Medinex Limited | 4/20 | C2 (red, +2), A1 (green, +1), B1 (yellow, +1) |
| Q0X | Ley Choon Group Holdings | 4/20 | B2 (red, +2), A1 (green, +1), C1 (green, +1) |
| EGX | EGP Energy Corporation Li | 4/20 | E2 (red, +2), B1 (yellow, +1), C1 (green, +1) |
| O9E | Parkson Retail Asia Limit | 4/20 | C2 (red, +2), B1 (yellow, +1), E1 (yellow, +1) |
| AWZ | Multi-Chem Limited | 4/20 | B1 (yellow, +2), B2 (yellow, +1), C2 (yellow, +1) |
| Q0F | IHH Healthcare Berhad | 4/20 | C1 (yellow, +2), B1 (green, +1), B2 (yellow, +1) |
| KUO | International Cement Grou | 5/20 | D2 (red, +2), A1 (green, +1), D1 (yellow, +1) |
| 5CF | OKP Holdings Limited | 5/20 | A1 (green, +1), B1 (green, +1), C1 (green, +1) |
| BHU | SUTL Enterprise Limited | 5/20 | B1 (yellow, +2), C2 (red, +2), A1 (green, +1) |
| 41B | Huationg Global Limited | 5/20 | B2 (red, +2), D1 (yellow, +2), A1 (green, +1) |
| BNE | Kencana Agri Limited | 5/20 | D2 (red, +2), B2 (yellow, +1), C1 (yellow, +1) |
| BTM | Penguin International Lim | 5/20 | B2 (red, +2), A1 (yellow, +1), B1 (green, +1) |
| N02 | NSL Ltd | 5/20 | B2 (red, +2), C1 (green, +1), D2 (yellow, +1) |
| LMS | LMS Compliance Ltd. | 5/20 | B2 (yellow, +1), C1 (green, +1), C2 (yellow, +1) |
| 1V3 | Mooreast Holdings Ltd. | 5/20 | D2 (red, +2), E2 (red, +2), C1 (yellow, +1) |
| 5ML | Old Chang Kee Ltd. | 6/20 | B1 (yellow, +2), C2 (red, +2), A1 (green, +1) |
| G0I | Nam Lee Pressed Metal Ind | 6/20 | E2 (red, +2), C2 (yellow, +1), D1 (green, +1) |
| LCC | Lum Chang Creations Limit | 6/20 | C2 (red, +2), E2 (red, +2), B1 (green, +1) |
| KIN | Kin Global Limited | 6/20 | B2 (red, +2), D1 (red, +2), E2 (red, +2) |
| BEZ | Beng Kuang Marine Limited | 6/20 | B1 (red, +2), E2 (red, +2), D1 (green, +1) |
| 5PF | Jason Marine Group Limite | 6/20 | D2 (red, +2), E2 (red, +2), B1 (green, +1) |
| 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 | 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 | 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 | 1.13× | ● 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 | 1.23× | ● 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 | 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 | 1.89× | ● 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 | 1.67× | ● 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 | 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 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 | 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 | 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 | 1.00× | ● 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 | 1.70× | ● 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 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 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 | 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 | 1.74× | ● 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 | 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 | 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 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 | 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 | 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 | ||||
Stage 2 improved from 13/20 to 5/20 and moved from 0-star to 2-star. Lower scores are better.
| 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 | 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 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 | 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 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 | 1.75× | ● 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 | +92.5% | ● 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 | +17.6% | ● 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 | -1.53× | ● 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 | +64.8% | ● 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 | +19.7% | ● 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 | 0.58× | ● 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 | +67.0% | ● 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 | 1.27× | ● 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 | 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 | 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 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 | 1.63× | ● 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 | 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 | -0.10× | ● 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 | 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 | 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 | 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 | 1.41× | ● 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 | 0.81× | ● 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 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 | 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 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 | 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 | 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 | ||||
Each test 0/1/2 points. A1, B1, C1 carry a +1 trend penalty if last 3 years show >10% adverse movement (cap 2).
| Test | Name | Thresholds |
|---|---|---|
| A1 | Cash Conversion | ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red |
| A2 | Non-Operating Income | ≤ 20% Green | ≤ 50% Yellow | > 50% Red |
| B1 | Revenue Growth YoY | ≥ +5% Green | ≥ −5% Yellow | < −5% Red |
| B2 | Operating Leverage | ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red |
| C1 | Net Debt / EBITDA | ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red |
| C2 | Receivables vs Revenue Δ | ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red |
| D1 | Gross Margin 3Y Change | ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red |
| D2 | NI / GP Stability | ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red |
| E1 | Revenue vs 5-Year Peak | ≥ 95% Green | ≥ 85% Yellow | < 85% Red |
| E2 | Revenue Growth Volatility | ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red |
A concise weekly note with score changes, new watchlist candidates, and methodology updates.