5 modules · 10 tests · 0 (Green) / 1 (Yellow) / 2 (Red) · total 0–20, lower is better
19 stocks · Generated 2026-10-10 00:53 UTC
Click any test row ▶ to expand its bar chart. Charts show per-year values coloured by threshold.
| # | Ticker | Company | Sector | Stage 1 | Stage 2 | Stars | Yrs |
|---|---|---|---|---|---|---|---|
| 1 | OV8 | Sheng Siong Group Ltd | Consumer Defensive | 70 | 0/20 | ⭐⭐⭐ Strong Screen Match | 5 |
| 2 | P8Z | Bumitama Agri Ltd. | Consumer Defensive | 83 | 3/20 | ⭐⭐⭐ Strong Screen Match | 4 |
| 3 | Q0F | IHH Healthcare Berhad | Healthcare | 61 | 4/20 | ⭐⭐ Watchlist Match | 4 |
| 4 | U14 | UOL Group Limited | Real Estate | 64 | 4/20 | ⭐⭐ Watchlist Match | 5 |
| 5 | C6L | Singapore Airlines Limited | Industrials | 72 | 5/20 | ⭐⭐ Watchlist Match | 5 |
| 6 | CJLU | NetLink NBN Trust | Communication Services | 52 | 5/20 | ⭐⭐ Watchlist Match | 5 |
| 7 | V03 | Venture Corporation Limited | Technology | 68 | 5/20 | ⭐⭐ Watchlist Match | 5 |
| 8 | C07 | Jardine Matheson Southeast Asia Limited | Industrials | 80 | 6/20 | ⭐⭐ Watchlist Match | 4 |
| 9 | G13 | Genting Singapore Limited | Consumer Cyclical | 75 | 6/20 | ⭐⭐ Watchlist Match | 5 |
| 10 | S63 | Singapore Technologies Engineering Ltd | Industrials | 34 | 6/20 | ⭐⭐ Watchlist Match | 5 |
| 11 | Y92 | Thai Beverage Public Company Limited | Consumer Defensive | 76 | 6/20 | ⭐⭐ Watchlist Match | 5 |
| 12 | BS6 | Yangzijiang Shipbuilding (Holdings) Ltd. | Industrials | 85 | 7/20 | ⭐ Mixed Screen Match | 5 |
| 13 | SO7 | Yangzijiang Shipbuilding (Holdings) Ltd. | Industrials | 89 | 7/20 | ⭐ Mixed Screen Match | 5 |
| 14 | EMI | Emperador Inc. | Consumer Defensive | 66 | 8/20 | ⭐ Mixed Screen Match | 5 |
| 15 | 8A8 | China Medical System Holdings Limited | Healthcare | 75 | 9/20 | ⭐ Mixed Screen Match | 4 |
| 16 | Z74 | Singapore Telecommunications Limited | Communication Services | 64 | 9/20 | ⭐ Mixed Screen Match | 5 |
| 17 | Z77 | Singapore Telecommunications Limited | Communication Services | 64 | 9/20 | ⭐ Mixed Screen Match | 5 |
| 18 | EB5 | First Resources Limited | Consumer Defensive | 79 | 10/20 | ○ Weak Screen Match | 5 |
| 19 | T14 | Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited | Healthcare | 87 | 15/20 | ○ Weak Screen Match | 4 |
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.58× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.18× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +9.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +3.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.09× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -5.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +31.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.30× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings 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 | 2.65× | ● 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 | 2.68× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.69× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +15.7% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.2% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.60× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -70.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +39.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.38× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +16.2% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 4.31× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.08× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +5.0% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +8.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 0.54× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +29.0% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +30.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.19× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.11× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.14× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +1.6% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.1% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.76× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -2.9% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +92.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.22× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.11× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.08× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -7.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +6.0% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -4.52× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -1.4% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +27.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.32× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.66× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.17× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -1.45× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -4.2% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.6% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.35× | ● Yellow (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +4.7% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +21.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.22× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.96× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 2.02× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.17× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -3.1% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -7.5% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -3.93× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -5.2% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +30.5% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.52× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +23.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 3.69× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.10× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +9.5% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -10.2% | ● Red (2) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 4.49× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -8.1% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +17.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.21× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.82× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.62× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -2.1% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +2.3% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.73× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +1.4% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +31.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.25× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +13.0% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.52× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.05× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.4% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +20.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.52× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +82.5% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.2% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.88× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.52× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.05× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +7.4% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +20.9% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.52× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +82.5% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +34.2% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.88× | ● Green (0) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 1.80× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.75× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -7.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -4.1% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 3.88× | ● Red (2) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +11.0% | ● Yellow (1) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +29.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.23× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.87× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.5% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.51× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | -0.10× | ● Green (0) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +9.9% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | -1.7% | ● Yellow (1) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -1.05× | ● Green (0) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +19.9% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +71.5% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.25× | ● Yellow (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +11.6% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.88× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.76× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +0.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | — | — | ● N/A (1) |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.24× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -4.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | — | ● N/A (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | — | ● N/A (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings Quality | ||||
| A1 | Cash Conversion | 0.88× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.76× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | +0.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | — | — | ● N/A (1) |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | 2.24× | ● Yellow (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | -4.6% | ● Green (0) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | — | ● N/A (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | — | ● N/A (1) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings 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 | 0.22× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | 0.54× | ● Red (2) | |
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Business Momentum | ||||
| B1 | Revenue Growth YoY | -32.7% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +36.1% | ● Green (0) | |
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Balance Sheet Trajectory | ||||
| C1 | Net Debt / EBITDA | -0.87× | ● Green (1) | |
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | +61.4% | ● Red (2) | |
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +74.0% | ● Green (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.59× | ● Red (2) | |
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.60× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +16.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
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.