Filing Flows › Disclosures › Earnings quality
Earnings quality scores: every company, 0 to 100
1,027 companies scored 0–100 on eight published measures of earnings quality: accruals, discretionary accruals, Beneish M, Dechow F, Montier C, Piotroski F, the non-GAAP gap and smoothness. 68 grade A, 493 B, 326 C, 106 D and 34 E. The median score is 66.
Highest scores (market value $10B+)
| Company | Sector | Score | Grade | Loses points on |
|---|---|---|---|---|
| WMT Walmart | consumer-disc | 89 | A | accruals of -7.2% of assets, lower than 73% of companies (profit backed by cash); Montier C-score 1 of 5 checks failed |
| HCA HCA Healthcare | health | 89 | A | accruals of -9.7% of assets, lower than 83% of companies (profit backed by cash); Montier C-score 1 of 5 checks failed |
| DG Dollar General | consumer-disc | 88 | A | accruals of -6.8% of assets, lower than 71% of companies (profit backed by cash); discretionary accruals of -0.9% of assets (modified Jones), smaller than most |
| ROKU Roku | communication | 88 | A | discretionary accruals of -4.0% of assets (modified Jones), larger than most; accruals of -9.0% of assets, lower than 81% of companies (profit backed by cash) |
| SMTC Semtech | technology | 88 | A | discretionary accruals of -2.4% of assets (modified Jones), smaller than most; Montier C-score 1 of 5 checks failed |
| HAL Halliburton | energy | 86 | A | accruals of -6.5% of assets, lower than 69% of companies (profit backed by cash); discretionary accruals of -2.3% of assets (modified Jones), smaller than most |
| ADM Archer-Daniels-Midland | consumer-staples | 85 | A | Piotroski F-score 5 of 9; accruals of -8.3% of assets, lower than 78% of companies (profit backed by cash) |
| WST West Pharmaceutical Services | health | 85 | A | Montier C-score 3 of 6 checks failed; accruals of -6.6% of assets, lower than 69% of companies (profit backed by cash) |
| WM Waste Management | utilities | 84 | A | accruals of -7.4% of assets, lower than 74% of companies (profit backed by cash); discretionary accruals of -2.5% of assets (modified Jones), smaller than most |
| EQT EQT | energy | 84 | A | discretionary accruals of +7.0% of assets (modified Jones), larger than most; accruals of -7.6% of assets, lower than 75% of companies (profit backed by cash) |
| FSLR First Solar | technology | 84 | A | accruals of -4.2% of assets, lower than 51% of companies (profit backed by cash); discretionary accruals of -3.1% of assets (modified Jones), smaller than most |
| ED Consolidated Edison | utilities | 83 | A | accruals of -6.6% of assets, lower than 70% of companies (profit backed by cash); profit far steadier than cash flow (smoothness 0.00) |
| KR Kroger | consumer-staples | 83 | A | discretionary accruals of -2.9% of assets (modified Jones), smaller than most; Montier C-score 1 of 5 checks failed |
| SNAP Snap | technology | 83 | A | Montier C-score 2 of 5 checks failed; discretionary accruals of -3.0% of assets (modified Jones), smaller than most |
| COP ConocoPhillips | energy | 82 | A | Piotroski F-score 5 of 9; discretionary accruals of +2.2% of assets (modified Jones), smaller than most |
| ROST Ross Stores | consumer-disc | 82 | A | accruals of -5.8% of assets, lower than 64% of companies (profit backed by cash); Piotroski F-score 6 of 9 |
| DVN Devon Energy | energy | 82 | A | adjusted earnings 17% above GAAP; Montier C-score 1 of 5 checks failed |
| TTWO Take Two Interactive Software | technology | 82 | A | Montier C-score 2 of 5 checks failed; discretionary accruals of +4.0% of assets (modified Jones), larger than most |
| CASY Caseys General Stores | consumer-disc | 82 | A | accruals of -7.7% of assets, lower than 76% of companies (profit backed by cash); Montier C-score 1 of 4 checks failed |
| CLH Clean Harbors | utilities | 82 | A | accruals of -6.3% of assets, lower than 68% of companies (profit backed by cash); Montier C-score 2 of 6 checks failed |
| HAS Hasbro | consumer-disc | 82 | A | discretionary accruals of -10.4% of assets (modified Jones), larger than most; Piotroski F-score 5 of 9 |
| BJ BJ's Wholesale Club Holdings | consumer-disc | 82 | A | accruals of -6.2% of assets, lower than 67% of companies (profit backed by cash); Montier C-score 2 of 6 checks failed |
| DTM DT Midstream | utilities | 82 | A | accruals of -4.3% of assets, lower than 52% of companies (profit backed by cash); profit steadier than cash flow (smoothness 0.46) |
| DINO HF Sinclair | industrials | 81 | A | accruals of -4.4% of assets, lower than 53% of companies (profit backed by cash); Montier C-score 1 of 5 checks failed |
| APP AppLovin | technology | 80 | A | discretionary accruals of -20.9% of assets (modified Jones), larger than most; Montier C-score 2 of 5 checks failed |
| RSG Republic Services | utilities | 80 | A | Montier C-score 3 of 6 checks failed; accruals of -6.5% of assets, lower than 68% of companies (profit backed by cash) |
| FFIV F5 | technology | 80 | A | accruals of -4.3% of assets, lower than 52% of companies (profit backed by cash); Montier C-score 3 of 6 checks failed |
| ATI ATI | materials | 80 | A | accruals of -4.1% of assets, higher than 50% of companies (profit backed by cash); adjusted earnings 15% below GAAP |
| GDDY GoDaddy | technology | 80 | A | discretionary accruals of -4.2% of assets (modified Jones), larger than most; accruals of -8.9% of assets, lower than 80% of companies (profit backed by cash) |
| NUE Nucor | materials | 79 | B | accruals of -4.3% of assets, lower than 52% of companies (profit backed by cash); Montier C-score 2 of 5 checks failed |
Lowest scores ($10B+)
| Company | Sector | Score | Grade | Loses points on |
|---|---|---|---|---|
| SMCI Super Micro Computer | technology | 16 | E | accruals of +41.1% of assets, higher than 100% of companies (profit running ahead of cash); Beneish M-score -0.14: flagged (above −1.78) |
| BABA Alibaba Group Holding | other | 24 | E | accruals of +1.5% of assets, higher than 91% of companies; discretionary accruals of +9.0% of assets (modified Jones), larger than most |
| NRG NRG Energy | utilities | 29 | E | Montier C-score 4 of 4 checks failed; accruals of -4.0% of assets, higher than 52% of companies (profit backed by cash) |
| SNPS Synopsys | technology | 32 | E | accruals of -0.6% of assets, higher than 82% of companies; Dechow F-score 3.58 (high) |
| MRVL Marvell Technology | technology | 33 | E | accruals of +4.3% of assets, higher than 95% of companies; Beneish M-score -1.62: flagged (above −1.78) |
| WDC Western Digital | technology | 33 | E | accruals of +39.4% of assets, higher than 100% of companies (profit running ahead of cash); Beneish M-score -0.18: flagged (above −1.78) |
| COHR Coherent | industrials | 33 | E | accruals of +4.3% of assets, higher than 95% of companies; Montier C-score 6 of 6 checks failed |
| CPAY Corpay | industrials | 33 | E | accruals of -1.9% of assets, higher than 73% of companies; Montier C-score 4 of 5 checks failed |
| NTNX Nutanix | technology | 33 | E | accruals of +14.1% of assets, higher than 98% of companies (profit running ahead of cash); Beneish M-score -1.47: flagged (above −1.78) |
| NVDA NVIDIA | technology | 34 | E | accruals of +10.9% of assets, higher than 98% of companies (profit running ahead of cash); Beneish M-score -1.16: flagged (above −1.78) |
| PDD PDD Holdings | other | 35 | D | accruals of -1.6% of assets, higher than 75% of companies; Montier C-score 3 of 4 checks failed |
| TMO Thermo Fisher Scientific | industrials | 35 | D | accruals of -1.1% of assets, higher than 79% of companies; Montier C-score 4 of 4 checks failed |
| CMS CMS Energy | utilities | 35 | D | Montier C-score 4 of 4 checks failed; accruals of -3.1% of assets, higher than 62% of companies (profit backed by cash) |
| QXO QXO | industrials | 35 | D | Beneish M-score 246.75: flagged (above −1.78); Dechow F-score 270.27 (high) |
| JOYY Joyy | other | 36 | D | accruals of +23.8% of assets, higher than 99% of companies (profit running ahead of cash); Beneish M-score -0.80: flagged (above −1.78) |
| TCOM Trip.com Group | other | 36 | D | accruals of +7.6% of assets, higher than 97% of companies (profit running ahead of cash); Montier C-score 4 of 4 checks failed |
| CVNA Carvana | consumer-disc | 36 | D | accruals of +3.4% of assets, higher than 94% of companies; Beneish M-score -1.39: flagged (above −1.78) |
| TXT Textron | industrials | 36 | D | accruals of -2.2% of assets, higher than 70% of companies (profit backed by cash); adjusted earnings 18% below GAAP |
| FIX Comfort Systems USA | industrials | 37 | D | Montier C-score 5 of 5 checks failed; accruals of -2.9% of assets, higher than 63% of companies (profit backed by cash) |
| INCY Incyte | industrials | 38 | D | accruals of -2.0% of assets, higher than 72% of companies (profit backed by cash); Montier C-score 4 of 5 checks failed |
| JBL Jabil | technology | 39 | D | Montier C-score 5 of 5 checks failed; accruals of -4.2% of assets, lower than 51% of companies (profit backed by cash) |
| TRMB Trimble | industrials | 39 | D | accruals of +0.4% of assets, higher than 89% of companies; Dechow F-score 2.21 (substantial) |
| LLY ELI Lilly | health | 40 | D | accruals of +4.0% of assets, higher than 95% of companies; Beneish M-score -1.84: in the grey zone |
| SIMO Silicon Motion Technology | other | 40 | D | accruals of +5.4% of assets, higher than 96% of companies (profit running ahead of cash); Montier C-score 3 of 4 checks failed |
| CARR Carrier Global | industrials | 41 | D | accruals of -2.8% of assets, higher than 65% of companies (profit backed by cash); adjusted earnings 179% below GAAP |
| YUM Yum Brands | consumer-disc | 41 | D | Montier C-score 3 of 4 checks failed; adjusted earnings 91% above GAAP |
| WCC Wesco International | industrials | 41 | D | accruals of +3.3% of assets, higher than 94% of companies; Dechow F-score 2.23 (substantial) |
| GEV GE Vernova | industrials | 42 | D | accruals of -0.2% of assets, higher than 85% of companies; Montier C-score 5 of 5 checks failed |
| IQV IQVIA Holdings | industrials | 42 | D | Montier C-score 3 of 4 checks failed; adjusted earnings 37% below GAAP |
| FISV Fiserv | industrials | 42 | D | accruals of -3.3% of assets, higher than 60% of companies (profit backed by cash); Montier C-score 3 of 4 checks failed |
Beneish M-score flagged (above −1.78, $2B+)
A statistical screen for the profile of past manipulators, not an accusation; most flagged companies are simply growing fast or changing shape.
| Company | Sector | Score | Grade | Loses points on |
|---|---|---|---|---|
| LOW Lowe's Companies | consumer-disc | 61 | C | Beneish M-score 7.25: flagged (above −1.78); Montier C-score 3 of 6 checks failed |
| BWXT BWX Technologies | industrials | 57 | C | Beneish M-score -1.65: flagged (above −1.78); accruals of -4.2% of assets, lower than 51% of companies (profit backed by cash) |
| ALAB Astera Labs | technology | 55 | C | Beneish M-score 1.52: flagged (above −1.78); Montier C-score 3 of 6 checks failed |
| MU Micron Technology | technology | 49 | D | Beneish M-score 0.47: flagged (above −1.78); Montier C-score 5 of 6 checks failed |
| LRCX LAM Research | industrials | 48 | D | accruals of +6.3% of assets, higher than 96% of companies (profit running ahead of cash); Beneish M-score -1.66: flagged (above −1.78) |
| ASO Academy Sports & Outdoors | consumer-disc | 48 | D | accruals of -1.1% of assets, higher than 79% of companies; Beneish M-score -1.59: flagged (above −1.78) |
| OMC Omnicom Group | industrials | 45 | D | Beneish M-score -1.67: flagged (above −1.78); Montier C-score 4 of 5 checks failed |
| GEN Gen Digital | technology | 45 | D | Beneish M-score -1.77: flagged (above −1.78); accruals of -3.7% of assets, higher than 54% of companies (profit backed by cash) |
| SNDK Sandisk | technology | 44 | D | accruals of -1.3% of assets, higher than 77% of companies; Beneish M-score -0.71: flagged (above −1.78) |
| DUOL Duolingo | technology | 43 | D | accruals of +1.6% of assets, higher than 91% of companies; Beneish M-score -1.72: flagged (above −1.78) |
| TMDX TransMedics Group | health | 43 | D | accruals of -0.3% of assets, higher than 84% of companies; Beneish M-score -1.48: flagged (above −1.78) |
| AVAV AeroVironment | industrials | 39 | D | Beneish M-score -0.72: flagged (above −1.78); Dechow F-score 2.14 (substantial) |
| JOYY Joyy | other | 36 | D | accruals of +23.8% of assets, higher than 99% of companies (profit running ahead of cash); Beneish M-score -0.80: flagged (above −1.78) |
| CVNA Carvana | consumer-disc | 36 | D | accruals of +3.4% of assets, higher than 94% of companies; Beneish M-score -1.39: flagged (above −1.78) |
| CELH Celsius Holdings | consumer-staples | 36 | D | Beneish M-score -0.97: flagged (above −1.78); Dechow F-score 4.93 (high) |
| AAON Aaon | industrials | 36 | D | accruals of +7.5% of assets, higher than 97% of companies (profit running ahead of cash); Beneish M-score -1.39: flagged (above −1.78) |
| QXO QXO | industrials | 35 | D | Beneish M-score 246.75: flagged (above −1.78); Dechow F-score 270.27 (high) |
| NVDA NVIDIA | technology | 34 | E | accruals of +10.9% of assets, higher than 98% of companies (profit running ahead of cash); Beneish M-score -1.16: flagged (above −1.78) |
| MRVL Marvell Technology | technology | 33 | E | accruals of +4.3% of assets, higher than 95% of companies; Beneish M-score -1.62: flagged (above −1.78) |
| WDC Western Digital | technology | 33 | E | accruals of +39.4% of assets, higher than 100% of companies (profit running ahead of cash); Beneish M-score -0.18: flagged (above −1.78) |
| NTNX Nutanix | technology | 33 | E | accruals of +14.1% of assets, higher than 98% of companies (profit running ahead of cash); Beneish M-score -1.47: flagged (above −1.78) |
| DNOW Dnow | industrials | 32 | E | Beneish M-score -1.49: flagged (above −1.78); Montier C-score 6 of 6 checks failed |
| PLUS Eplus | industrials | 26 | E | accruals of +13.5% of assets, higher than 98% of companies (profit running ahead of cash); Beneish M-score -1.61: flagged (above −1.78) |
| SMCI Super Micro Computer | technology | 16 | E | accruals of +41.1% of assets, higher than 100% of companies (profit running ahead of cash); Beneish M-score -0.14: flagged (above −1.78) |
Largest non-GAAP gaps ($2B+)
Adjusted earnings furthest above GAAP, as a share of the adjusted figure.
| Company | Adjusted above GAAP | Score |
|---|---|---|
| MCD McDonald's | 97331952% | 49 |
| NTNX Nutanix | 252702% | 33 |
| FOUR Shift4 Payments | 1892% | 42 |
| LYV Live Nation Entertainment | 483% | 52 |
| TGTX TG Therapeutics | 416% | 18 |
| CRK Comstock Resources | 296% | 60 |
| BIO Bio-Rad Laboratories | 288% | 54 |
| CVNA Carvana | 282% | 36 |
| IONQ IonQ | 238% | 48 |
| POWL Powell Industries | 201% | 62 |
| TDW Tidewater | 198% | 41 |
| WTRG Essential Utilities | 165% | 55 |
| PAA Plains All American Pipeline LP | 146% | 56 |
| KNTK Kinetik Holdings | 140% | 56 |
| COHU Cohu | 130% | 32 |
| MLM Martin Marietta Materials | 123% | 69 |
| ACA Arcosa | 116% | 66 |
| MLI Mueller Industries | 105% | 49 |
| TMDX TransMedics Group | 101% | 43 |
| WDC Western Digital | 100% | 33 |
| YUM Yum Brands | 91% | 41 |
| TSCO Tractor Supply | 86% | 49 |
| APH Amphenol | 86% | 70 |
| CNX CNX Resources | 78% | 57 |
| ZM Zoom Communications | 75% | 62 |
The quality workbench, live: every measure, every company →
Computed from the companies’ own XBRL filings (latest fiscal year) by published formulas; a statistical screen, not an audit or an accusation. A low score means the reported profit shows more of the markers of managed or low-quality earnings than its peers. Not investment advice.