Which grades moved on a company's latest filing, and which ones depend on the next report. A grade changes when the 10-Q or 10-K is filed, not on the day of the earnings call — usually a few days to a few weeks later.
55 graded companies report in this window, and 18 have a grade that hangs on a check closer to its line than nine companies in ten. That is a distance on the figures already filed, not a forecast: a check this close can hold for years, and one with room to spare can fall through in a single quarter.
Free cash flow positive · failing at -0.5% of revenue
“Could fall” assumes every passing check listed fails, and “could rise” that every failing one passes. Only the checks that decide the letter are considered; the + and − can move as well.