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Accounts receivable represents a big portion of revenue for many companies, but as the name implies, these funds are not yet “received.” This can therefore be an area of concern.

When accounts receivable becomes a larger percentage of the revenues reported by a company, it indicates lower quality revenues because there is no guarantee that accounts receivable will be paid back in full. Companies with shrinking accounts receivable (relative to revenue) are viewed favorably.

We ran a screen on stocks from the tech sector for those sending up red flags in their receivable and revenue trends: increases in quarterly accounts receivable year-over-year outpacing changes in revenue, and an increase in quarterly accounts receivable as a percent of quarterly current assets year-over-year.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

click on image to enlarge

Do you think these companies are running into problems? Use this list as a starting-off point for your own analysis.

List sorted by difference between change in receivables and revenue.

1. LDK Solar Co., Ltd. (NYSE:LDK): Engages in the design, development, manufacture, and marketing of photovoltaic (PV) products; and development of power plant projects. Market cap of $533.22M. MRQ revenue has decreased 11.65% ($499.44M vs. $565.29M y/y) while MRQ accounts receivable has increased 200.72% ($540.34M vs. $179.68M y/y). Accounts receivable/current assets has increased from 12.38% to 18.59%, comparing 3 months ending 2011-06-30 to 3 months ending 2010-06-30. This is a risky stock that is significantly more volatile than the overall market (beta = 2.84). The stock is a short squeeze candidate, with a short float at 21.26% (equivalent to 10.36 days of average volume). It's been a rough couple of days for the stock, losing 6.07% over the last week.

2. Shanda Games Limited (NASDAQ:GAME): Engages in the development and operation of online games in the People's Republic of China. Market cap of $1.30B. MRQ revenue has increased 18.68% ($1,320.5M vs. $1,112.7M y/y) while MRQ accounts receivable has increased 169.19% ($1,046.6M vs. $388.8M y/y). Accounts receivable/current assets has increased from 10.57% to 20.56%, comparing 3 months ending 2011-06-30 to 3 months ending 2010-06-30. It's been a rough couple of days for the stock, losing 12.74% over the last week.

3. Orion Energy Systems, Inc (NYSEMKT:OESX): Engages in the development, manufacture, and sale of lighting and energy management systems, controls, and services. Market cap of $61.38M. MRQ revenue has increased 34.10% ($22.77M vs. $16.98M y/y) while MRQ accounts receivable has increased 156.82% ($29.92M vs. $11.65M y/y). Accounts receivable/current assets has increased from 18.31% to 37.85%, comparing 3 months ending 2011-06-30 to 3 months ending 2010-06-30. It's been a rough couple of days for the stock, losing 8.56% over the last week.

4. BCE, Inc. (NYSE:BCE): Provides wireline voice and wireless communications services, Internet access, data services, and video services to residential, business, and wholesale customers in Canada. Market cap of $30.08B. MRQ revenue has increased 8.70% ($4,910M vs. $4,517M y/y) while MRQ accounts receivable has increased 97.63% ($2,915M vs. $1,475M y/y). Accounts receivable/current assets has increased from 39.22% to 58.17%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has gained 22.11% over the last year.

5. Acme Packet, Inc. (NASDAQ:APKT): Provides session delivery network solutions that enable the delivery of interactive communications, such as voice, video, and multimedia sessions; and data services across internet protocol (NYSE:IP) network borders. Market cap of $2.48B. MRQ revenue has increased 24.75% ($70.62M vs. $56.61M y/y) while MRQ accounts receivable has increased 113.44% ($64.65M vs. $30.29M y/y). Accounts receivable/current assets has increased from 10.53% to 15.14%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has performed poorly over the last month, losing 10.28%.

6. Chunghwa Telecom Co. Ltd. (NYSE:CHT): Provides integrated telecommunications services primarily in Taiwan. Market cap of $31.96B. MRQ revenue has decreased 25.93% ($37,670.56M vs. $50,855.34M y/y) while MRQ accounts receivable has increased 61.68% ($20,691.01M vs. $12,797.63M y/y). Accounts receivable/current assets has increased from 14.38% to 26.41%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. Offers a good dividend, and appears to have good liquidity to back it up--dividend yield at 5.75%, current ratio at 2.22, and quick ratio at 2.11. The stock has gained 39.02% over the last year.

7. Dialogic, Inc. (OTCQB:DLGC): Provides communications platforms and technology to enterprise and service provider markets in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Market cap of $56.67M. MRQ revenue has increased 32.52% ($55.79M vs. $42.1M y/y) while MRQ accounts receivable has increased 109.40% ($45.23M vs. $21.6M y/y). Accounts receivable/current assets has increased from 32.11% to 47.99%, comparing 3 months ending 2011-06-30 to 3 months ending 2010-06-30. It's been a rough couple of days for the stock, losing 12.98% over the last week.

8. Amtech Systems Inc. (NASDAQ:ASYS): Engages in the design, assembly, sale, and installation of capital equipment and related consumables used in the manufacture of wafers, primarily for the solar and semiconductor industries. Market cap of $95.70M. MRQ revenue has increased 66.87% ($71.87M vs. $43.07M y/y) while MRQ accounts receivable has increased 120.31% ($54.46M vs. $24.72M y/y). Accounts receivable/current assets has increased from 25.13% to 29.41%, comparing 3 months ending 2011-06-30 to 3 months ending 2010-06-30. It's been a rough couple of days for the stock, losing 6.11% over the last week. The stock has had a good month, gaining 12.37%.

9. Hanwha SolarOne Co., Ltd (NASDAQ:HSOL): Provides various energy solutions including silicon ingots, wafers, monocrystalline and polycrystalline solar cells, and solar modules. Market cap of $159.50M. MRQ revenue has increased 2.19% ($1,791.18M vs. $1,752.71M y/y) while MRQ accounts receivable has increased 55.40% ($1,437.74M vs. $925.16M y/y). Accounts receivable/current assets has increased from 24.29% to 28.31%, comparing 3 months ending 2011-06-30 to 3 months ending 2010-06-30. This is a risky stock that is significantly more volatile than the overall market (beta = 2.43). It's been a rough couple of days for the stock, losing 9.52% over the last week.

10. Echelon Corporation (NASDAQ:ELON): Develops, markets, and sells energy control networking solutions primarily in the Americas, Europe, the Middle East, Africa, and the Asia Pacific/Japan. Market cap of $235.12M. MRQ revenue has increased 61.62% ($43.83M vs. $27.12M y/y) while MRQ accounts receivable has increased 114.51% ($27.05M vs. $12.61M y/y). Accounts receivable/current assets has increased from 12.12% to 25.62%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock is a short squeeze candidate, with a short float at 12.02% (equivalent to 15.03 days of average volume). It's been a rough couple of days for the stock, losing 17.19% over the last week.

11. First Solar, Inc. (NASDAQ:FSLR): Manufactures and sells solar modules using a thin-film semiconductor technology. Market cap of $3.89B. MRQ revenue has increased 26.05% ($1,005.79M vs. $797.9M y/y) while MRQ accounts receivable has increased 73.82% ($807.62M vs. $464.62M y/y). Accounts receivable/current assets has increased from 28.77% to 33.23%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-25. The stock is a short squeeze candidate, with a short float at 35.81% (equivalent to 5.7 days of average volume). The stock has performed poorly over the last month, losing 19.55%.

12. CIENA Corp. (NYSE:CIEN): Provides communications networking equipment, software, and services that support the transport, switching, aggregation, and management of voice, video, and data traffic. Market cap of $1.24B. MRQ revenue has increased 11.71% ($435.31M vs. $389.68M y/y) while MRQ accounts receivable has increased 58.46% ($425M vs. $268.21M y/y). Accounts receivable/current assets has increased from 25.03% to 33.04%, comparing 3 months ending 2011-07-31 to 3 months ending 2010-07-31. This is a risky stock that is significantly more volatile than the overall market (beta = 2.15). The stock has lost 12.05% over the last year.

13. American Software, Inc. (NASDAQ:AMSWA): Develops, markets, and supports a portfolio of software and services that deliver enterprise management and collaborative supply chain solutions worldwide. Market cap of $216.32M. MRQ revenue has increased 24.20% ($23.71M vs. $19.09M y/y) while MRQ accounts receivable has increased 69.78% ($20M vs. $11.78M y/y). Accounts receivable/current assets has increased from 23.17% to 30.74%, comparing 3 months ending 2011-07-31 to 3 months ending 2010-07-31. The stock has gained 29.72% over the last year.

14. Hurco Companies Inc. (NASDAQ:HURC): Engages in the design, manufacture, and sale of computerized machine tools, computer control systems, and software products to companies in the metal working industry primarily in North America, Europe, and Asia. Market cap of $168.21M. MRQ revenue has increased 91.05% ($50.57M vs. $26.47M y/y) while MRQ accounts receivable has increased 130.86% ($34.79M vs. $15.07M y/y). Accounts receivable/current assets has increased from 12.22% to 20.71%, comparing 3 months ending 2011-07-31 to 3 months ending 2010-07-31. The stock has gained 35.27% over the last year.

15. Communications Systems Inc. (NASDAQ:JCS): Manufactures and sells modular connecting and wiring devices, and media and rate conversion products. Market cap of $120.46M. MRQ revenue has increased 48.17% ($45.43M vs. $30.66M y/y) while MRQ accounts receivable has increased 86.85% ($32.25M vs. $17.26M y/y). Accounts receivable/current assets has increased from 22.41% to 34.36%, comparing 3 months ending 2011-06-30 to 3 months ending 2010-06-30. The stock is a short squeeze candidate, with a short float at 5.23% (equivalent to 9.59 days of average volume). It's been a rough couple of days for the stock, losing 7.98% over the last week.

16. Ceragon Networks Ltd. (NASDAQ:CRNT): Offers wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services, such as Internet browsing, music, and video applications. Market cap of $277.55M. MRQ revenue has increased 86.42% ($116.12M vs. $62.29M y/y) while MRQ accounts receivable has increased 124.26% ($174.25M vs. $77.7M y/y). Accounts receivable/current assets has increased from 39.99% to 55.15%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. It's been a rough couple of days for the stock, losing 22.28% over the last week.

17. Calix Inc. (NYSE:CALX): Communication Equipment Industry. Market cap of $413.88M. MRQ revenue has increased 10.82% ($83.66M vs. $75.49M y/y) while MRQ accounts receivable has increased 45.68% ($47.9M vs. $32.88M y/y). Accounts receivable/current assets has increased from 18.22% to 34.02%, comparing 13 weeks ending 2011-09-24 to 13 weeks ending 2010-09-25. It's been a rough couple of days for the stock, losing 5.91% over the last week.

18. AudioCodes Ltd. (NASDAQ:AUDC): Designs, develops, and markets products for voice, data, and video over Internet protocol (IP) networks. Market cap of $134.31M. MRQ revenue has decreased 5.85% ($36.05M vs. $38.29M y/y) while MRQ accounts receivable has increased 25.76% ($37.59M vs. $29.89M y/y). Accounts receivable/current assets has increased from 28.34% to 35.18%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. This is a risky stock that is significantly more volatile than the overall market (beta = 2.01). The stock has had a good month, gaining 18.55%.

19. Harris Corp. (NYSE:HRS): Operates as a communications and information technology company that serves government and commercial markets worldwide. Market cap of $4.28B. MRQ revenue has increased 3.91% ($1,460.3M vs. $1,405.4M y/y) while MRQ accounts receivable has increased 32.09% ($936.9M vs. $709.3M y/y). Accounts receivable/current assets has increased from 36.69% to 42.93%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-10-01. The stock is a short squeeze candidate, with a short float at 13.12% (equivalent to 10.17 days of average volume). The stock has lost 19% over the last year.

20. Mediware Information Systems Inc. (NASDAQ:MEDW): Develops, markets, licenses, implements, and supports clinical management and performance management information software systems and solutions in the United States and the United Kingdom. Market cap of $113.12M. MRQ revenue has increased 20.60% ($15.98M vs. $13.25M y/y) while MRQ accounts receivable has increased 48.76% ($19.83M vs. $13.33M y/y). Accounts receivable/current assets has increased from 34.37% to 37.85%, comparing 3 months ending 2011-06-30 to 3 months ending 2010-06-30. The stock has had a couple of great days, gaining 5.87% over the last week.

*Accounting data sourced from Google Finance, all other data sourced from Finviz.

Source: 20 Tech Stocks With Negative Accounts Receivable Trends