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Independent investment research

Forensic research.Accounting
under scrutiny.

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GlassHouse Research investigates public companies where reported earnings diverge from economic reality.

We combine forensic accounting, primary-source research, and industry interviews to expose aggressive accounting, deteriorating fundamentals, and risks investors may overlook.

01 Earnings quality02 Cash conversion03 Accounting judgment
The research library

Follow the evidence.

Explore our published investigations into accounting, earnings quality, and business fundamentals. Each report reflects our views at its publication date.

About GlassHouse

The accounting behind the story.

Forensic accounting and fundamental research focused on the quality of reported earnings.

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Media & sources

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GlassHouse Research investigates the gap between a company’s reported performance and its underlying economics.

We are an independent investment research firm focused on forensic accounting and earnings quality. Our work connects financial statements and footnotes with cash-flow analysis, industry research and interviews.

We examine revenue recognition, working capital, acquisitions and management estimates to identify risks that conventional analysis can miss. Our published reports set out the evidence, explain our reasoning and give readers the information to assess our conclusions.

Academic case study

Harvard
Business School

Case 124-024 (A) · 2023

Accounting Red Flags or Red Herrings at Catalent?

GlassHouse’s Catalent research is examined in this Harvard Business School teaching case. The case contrasts GlassHouse’s accounting concerns with a competing research firm’s rebuttal, asking readers to evaluate the evidence and the interpretation of Catalent’s financial statements.

View the HBS case Read our Catalent report
In the press

Selected coverage

Reporting on GlassHouse and the companies we investigate.

Full articles and case materials are hosted by their publishers. Some require a subscription or purchase.

April 1, 2026​​
Aviat Networks | AVNW
Aviat Networks is recognizing revenue before billing, not collecting cash, and funding operations by delaying payments to suppliers. We believe this has inflated earnings and masked a declining core business, setting up a violent reversal.
March 9, 2026
​Exchange Income Corporation | TSX:EIF
Exchange Income markets itself as a stable dividend compounder, but our analysis shows operating cash flow hasn’t funded capital expenditures, acquisitions, and dividends simultaneously in most years — meaning the payout has effectively depended on continued access to external financing.​
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October 28, 2025
Ducommun Incorporated | DCO
Ducommun sells a growth story built on contract assets, bloated inventory, and ASC 606 accounting levers rather than real demand.
February 7, 2024
Soho House & Co, Inc. | SHCO
​A broken business model, terrible accounting, mounting debt and poor internal controls will leave Soho House in shambles.

​​September 27, 2023
Granite Construction Inc. | GVA

​Granite Construction, a company marked with recent accounting failures, faces substantial revenue and earnings headwinds, accompanied by an elevated risk of restatements.

​​December 8, 2022
Catalent, Inc. | CTLT

Catalent, Inc's accounting red flags litter its financials as revenue wanes post-COVID. Executive turnover, low insider ownership and SEC letters all corroborate our thesis.

July 26, 2022
Mercury Systems | MRCY

Roll-up Mercury Systems is set to unravel as prior acquisitions have underperformed coinciding with suspect accounting.

​October 22, 2020
Columbia Sportswear | COLM

Columbia Sportswear has one of the worst inventory positions in retail, with a stuffed inventory channel, accounting irregularities and an inflated valuation. 

April 2, 2020
​Cubic Corporation | CUB

Cubic Corporation reports percentage-of-competion accounting nightmare.

July 11, 2019
​Omnicell Inc. | OMCL

Major revenue and earnings declines await Omnicell after financially engineering recent performance by prematurely recognizing revenue in past periods and failing to write-off legacy inventory.

February 6, 2019
Natus Medical Inc. | NTUS

Lowered guidance, impairments, write-offs, restatements and fines from the SEC are all on the table. Natus will need to deal with these major accounting concerns in 2019.

December 12, 2018
J2 Global Inc. | JCOM

Serial acquirer J2 Global uses a myriad of acquisitions to conceal non-reported organic revenue declines and stagnant earnings.

July 19, 2018
Aeroject Rocketdyne | AJRD

Management took significant advantage of its percentage-of-completion accounting and recognized revenue prematurely with their respective long-term contracts.

September 19, 2017
NuVasive Inc. | NUVA

Accounting red flags at NuVasive coupled with recent C-Suite jumping ship should make investors highly cautious of future performance.

April 11, 2017
Varian Medical Systems | VAR

A potential sale gives Varian management financial motive to cosmetically enhance earnings over the past twelve trailing months.

October 13, 2016
Electronics for Imaging, Inc. | EFII

The terminally ill roll-up Electronics for Imaging uses every accounting gimmick in the book to mask true economic earnings at the company.

September 19, 2016
Tutor Perini Corporation | TPC

One of the worst companies we have ever encountered in terms of accounting and operations. With mounting claims/litigations from former clients, we predict calamity in TPC's future.
Our approach

Look deeper into the financials.

01 / THE FILINGS

Start with primary sources.

Examine financial statements, footnotes, transaction documents, and management disclosures.

02 / THE ACCOUNTING

Follow earnings into cash.

Study revenue recognition, working capital, reserves, and the assumptions behind reported results.

03 / THE BUSINESS

Test the explanation.

Use industry research and interviews to assess whether the financial story fits operating reality.

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