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M&A Ghost Financials

Uncovers what the seller did not tell you.

Reconstructs what a target company financials should look like and overlays it on what they reported. The gaps are the risk.

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78/100

Gap Risk Score

Acme Manufacturing Inc. — High Risk

Ghost Financials analysis found material gaps between reported and expected financials. EBITDA is likely overstated by 40-60% after adjusting for unverifiable addbacks and gross margin reclassifications.

2 Critical/High

Risk Flags

$3.7M+

EBITDA at Risk

3 Industries

Comps Used

Reported vs. Expected Financials

Line Item
Reported
Expected
Gap
Gap %
Revenue
$42.1M
$38.4M
+$3.7M
+9.6%
Gross Margin
38.2%
31.5%
+6.7pp
+21.3%
EBITDA
$7.8M
$4.1M
+$3.7M
+90.2%
Working Capital
$6.2M
$8.9M
-$2.7M
-30.3%
CapEx
$0.9M
$2.4M
-$1.5M
-62.5%
Critical GapMaterial GapWithin Range

Flagged Anomalies with Investigative Questions

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