{ "evaluation_id": "EVAL-20260402-185403", "question_id": "ANALYSIS-004", "question_text": "Analyze these simplified financials and identify any red flags:\n\nCompany X - Annual Report Summary:\n- Revenue: $100M (up 50% YoY)\n- Cost of Revenue: $40M\n- Operating Expenses: $45M\n- Net Income: $15M\n- Cash from Operations: -$5M\n- Accounts Receivable: $80M (up 200% YoY)\n- Inventory: $30M (up 100% YoY)\n- Days Sales Outstanding: 292 days (industry avg: 45 days)\n- Revenue Recognition: \"Revenue recognized upon shipment\"\n- Major Customer: 60% of revenue from one customer\n- Auditor's Note: \"Going concern uncertainty\"\n\nWhat concerns would you raise? What additional information would you want?", "category": "analysis", "timestamp": "2026-02-05T00:00:00.000Z", "display_date": "Feb 05, 2026", "winner": { "name": "GPT-5.4", "provider": "openrouter", "score": 9.45 }, "avg_score": 8.796, "matrix_size": 86, "models_used": [ { "id": "claude_opus_46", "name": "Claude Opus 4.6", "provider": "openrouter" }, { "id": "gpt_5_4", "name": "GPT-5.4", "provider": "openrouter" }, { "id": "deepseek_v4", "name": "DeepSeek V4", "provider": "openrouter" }, { "id": "mimo_v2_flash", "name": "MiMo-V2-Flash", "provider": "Xiaomi" }, { "id": "claude_sonnet_46", "name": "Claude Sonnet 4.6", "provider": "openrouter" }, { "id": "grok_420", "name": "Grok 4.20", "provider": "openrouter" }, { "id": "gpt_oss_120b", "name": "GPT-OSS-120B", "provider": "OpenAI" }, { "id": "gemini_3_flash", "name": "Gemini 3 Flash Preview", "provider": "Google" }, { "id": "gemini_31_pro", "name": "Gemini 3.1 Pro", "provider": "openrouter" }, { "id": "minimax_m25", "name": "MiniMax M2.5", "provider": "openrouter" } ], "rankings": { "gpt_5_4": { "display_name": "GPT-5.4", "provider": "openrouter", "average_score": 9.45, "score_count": 9, "min_score": 8.45, "max_score": 10, "rank": 1 }, "claude_opus_46": { "display_name": "Claude Opus 4.6", "provider": "openrouter", "average_score": 9.43, "score_count": 9, "min_score": 8.45, "max_score": 10, "rank": 2 }, "claude_sonnet_46": { "display_name": "Claude Sonnet 4.6", "provider": "openrouter", "average_score": 9.42, "score_count": 9, "min_score": 8.6, "max_score": 10, "rank": 3 }, "gpt_oss_120b": { "display_name": "GPT-OSS-120B", "provider": "OpenAI", "average_score": 9.41, "score_count": 9, "min_score": 8.8, "max_score": 10, "rank": 4 }, "grok_420": { "display_name": "Grok 4.20", "provider": "openrouter", "average_score": 9.25, "score_count": 9, "min_score": 8.45, "max_score": 10, "rank": 5 }, "deepseek_v4": { "display_name": "DeepSeek V4", "provider": "openrouter", "average_score": 9.03, "score_count": 9, "min_score": 8.25, "max_score": 9.8, "rank": 6 }, "mimo_v2_flash": { "display_name": "MiMo-V2-Flash", "provider": "Xiaomi", "average_score": 8.93, "score_count": 9, "min_score": 7.8, "max_score": 9.8, "rank": 7 }, "gemini_3_flash": { "display_name": "Gemini 3 Flash Preview", "provider": "Google", "average_score": 8.89, "score_count": 9, "min_score": 8.2, "max_score": 10, "rank": 8 }, "gemini_31_pro": { "display_name": "Gemini 3.1 Pro", "provider": "openrouter", "average_score": 8.24, "score_count": 9, "min_score": 6, "max_score": 9.8, "rank": 9 }, "minimax_m25": { "display_name": "MiniMax M2.5", "provider": "openrouter", "average_score": 5.91, "score_count": 5, "min_score": 1.25, "max_score": 10, "rank": 10 } }, "judgments": [ { "judge_key": "gemini_31_pro", "judge_name": "Gemini 3.1 Pro", "respondent_key": "claude_opus_46", "respondent_name": "Claude Opus 4.6", "weighted_score": 10, "brief_justification": "The response is exceptionally accurate, comprehensive, and well-structured, providing deep financial insights and highly relevant follow-up questions." }, { "judge_key": "gemini_31_pro", "judge_name": "Gemini 3.1 Pro", "respondent_key": "gpt_5_4", "respondent_name": "GPT-5.4", "weighted_score": 10, "brief_justification": "The response is exceptionally accurate, comprehensive, and well-structured. It expertly connects the provided financial data points to identify classic signs of channel stuffing and liquidity issues, and provides a highly relevant, professional list of additional information needed." }, { "judge_key": "gemini_31_pro", "judge_name": "Gemini 3.1 Pro", "respondent_key": "deepseek_v4", "respondent_name": "DeepSeek V4", "weighted_score": 9.8, "brief_justification": "The response accurately identifies all financial red flags, connects them logically to suggest potential channel stuffing or aggressive accounting, and provides a highly actionable list of due diligence questions." }, { "judge_key": "gemini_31_pro", "judge_name": "Gemini 3.1 Pro", "respondent_key": "mimo_v2_flash", "respondent_name": "MiMo-V2-Flash", "weighted_score": 7.8, "brief_justification": "" }, { "judge_key": "gemini_31_pro", "judge_name": "Gemini 3.1 Pro", "respondent_key": "claude_sonnet_46", "respondent_name": "Claude Sonnet 4.6", "weighted_score": 10, "brief_justification": "Exceptional analysis that accurately identifies all red flags, connects them into a coherent narrative of potential fraud or distress, and provides highly actionable next steps and due diligence requests. The formatting is incredibly clear." }, { "judge_key": "gemini_31_pro", "judge_name": "Gemini 3.1 Pro", "respondent_key": "grok_420", "respondent_name": "Grok 4.20", "weighted_score": 10, "brief_justification": "The response flawlessly identifies and synthesizes all financial red flags, demonstrating deep accounting knowledge such as channel stuffing and earnings manipulation. The requested additional information is highly relevant, professional, and actionable." }, { "judge_key": "gemini_31_pro", "judge_name": "Gemini 3.1 Pro", "respondent_key": "gpt_oss_120b", "respondent_name": "GPT-OSS-120B", "weighted_score": 10, "brief_justification": "" }, { "judge_key": "gemini_31_pro", "judge_name": "Gemini 3.1 Pro", "respondent_key": "gemini_3_flash", "respondent_name": "Gemini 3 Flash Preview", "weighted_score": 10, "brief_justification": "The response is exceptionally accurate, comprehensive, and insightful. It correctly identifies all financial red flags, uses precise terminology like 'channel stuffing' and 'quality of earnings', and requests highly relevant additional information for forensic analysis." }, { "judge_key": "claude_opus_46", "judge_name": "Claude Opus 4.6", "respondent_key": "gemini_31_pro", "respondent_name": "Gemini 3.1 Pro", "weighted_score": 8.85, "brief_justification": "The response demonstrates excellent analytical depth, correctly identifying all major red flags including the earnings quality disconnect, channel stuffing indicators, customer concentration risk, and going concern implications. The analysis is exceptionally well-structured and clearly communicated. It correctly links the metrics together (e.g., A/R growth outpacing revenue growth suggesting channel stuffing). The response appears to be cut off before completing the going concern analysis and th" }, { "judge_key": "claude_opus_46", "judge_name": "Claude Opus 4.6", "respondent_key": "gpt_5_4", "respondent_name": "GPT-5.4", "weighted_score": 10, "brief_justification": "This is an exceptional response. Every red flag is correctly identified with accurate financial reasoning. The analysis covers earnings quality, AR/DSO anomalies, inventory concerns, revenue recognition policy issues, customer concentration, going concern implications, channel stuffing risk, and the income-to-cash-flow disconnect. The additional information requests are comprehensive, well-organized, and demonstrate deep practical knowledge of financial analysis, auditing, and forensic accountin" }, { "judge_key": "claude_opus_46", "judge_name": "Claude Opus 4.6", "respondent_key": "deepseek_v4", "respondent_name": "DeepSeek V4", "weighted_score": 9, "brief_justification": "The response correctly identifies all major red flags: the cash flow vs. net income divergence, the AR explosion with extreme DSO, aggressive revenue recognition, customer concentration, going concern warning, and inventory spike. The analysis is well-structured, clearly communicated, and provides actionable follow-up questions. Minor deductions: the point about operating expenses being 'near revenue' is slightly misleading (OpEx + COGS = $85M, leaving $15M net income, which is a 15% margin—not " }, { "judge_key": "claude_opus_46", "judge_name": "Claude Opus 4.6", "respondent_key": "mimo_v2_flash", "respondent_name": "MiMo-V2-Flash", "weighted_score": 9.2, "brief_justification": "The response is exceptionally well-structured, identifying all major red flags with accurate financial reasoning. The math checks out (DSO calculation, AR/revenue ratio analysis, cash flow divergence). The analysis correctly identifies the smoking gun of negative operating cash flow despite positive net income, the extreme DSO anomaly, concentration risk, inventory buildup outpacing revenue, and the going concern qualification. The additional information requests are highly relevant and well-jus" }, { "judge_key": "claude_opus_46", "judge_name": "Claude Opus 4.6", "respondent_key": "claude_sonnet_46", "respondent_name": "Claude Sonnet 4.6", "weighted_score": 10, "brief_justification": "This is an exceptional financial analysis response. Every red flag is correctly identified with accurate reasoning. The cash flow vs. net income disconnect, AR anomalies, DSO analysis, going concern implications, customer concentration, inventory buildup, and revenue recognition concerns are all precisely diagnosed. The coherent fraud/failure narrative connecting all flags is insightful and demonstrates deep analytical thinking. The additional information checklist is comprehensive and prioritiz" }, { "judge_key": "claude_opus_46", "judge_name": "Claude Opus 4.6", "respondent_key": "grok_420", "respondent_name": "Grok 4.20", "weighted_score": 9.2, "brief_justification": "The response is highly accurate, identifying all major red flags correctly and explaining the underlying mechanics (e.g., cash flow vs. profit disconnect, channel stuffing indicators, DSO analysis). The analysis is well-structured with clear headers and logical flow. It goes beyond surface-level observations by drawing parallels to historical fraud cases and providing a comprehensive list of additional information needed, including both documents and specific questions. The depth is strong, conn" }, { "judge_key": "claude_opus_46", "judge_name": "Claude Opus 4.6", "respondent_key": "gpt_oss_120b", "respondent_name": "GPT-OSS-120B", "weighted_score": 9.55, "brief_justification": "The response is exceptionally thorough, well-structured, and accurate. It correctly identifies all major red flags (negative CFO despite positive net income, extreme DSO, AR growth outpacing revenue, customer concentration, going-concern note, revenue recognition concerns, inventory buildup) and provides clear explanations for each. The additional information requests are comprehensive and well-organized across multiple categories. The DSO sanity check adds rigor. The table formatting enhances r" }, { "judge_key": "claude_opus_46", "judge_name": "Claude Opus 4.6", "respondent_key": "gemini_3_flash", "respondent_name": "Gemini 3 Flash Preview", "weighted_score": 9.2, "brief_justification": "The response is highly accurate, identifying all major red flags (earnings quality gap, AR/revenue disconnect, extreme DSO, inventory bloat, concentration risk, going concern). The analysis correctly connects the dots between these issues (e.g., channel stuffing hypothesis, paper profits). The additional information requests are well-targeted and forensically sound. Clarity is excellent with strong formatting and accessible language. Minor deductions: could have mentioned potential SEC/regulator" }, { "judge_key": "claude_opus_46", "judge_name": "Claude Opus 4.6", "respondent_key": "minimax_m25", "respondent_name": "MiniMax M2.5", "weighted_score": 1.25, "brief_justification": "The response is essentially empty - no analysis, no identification of red flags, no additional information requests were provided. The question asked for a detailed financial analysis of multiple serious red flags (negative operating cash flow despite reported profits, massively inflated DSO, revenue recognition concerns, customer concentration risk, going concern warning, potential channel stuffing indicators), but the model provided no substantive response whatsoever." }, { "judge_key": "gpt_5_4", "judge_name": "GPT-5.4", "respondent_key": "gemini_31_pro", "respondent_name": "Gemini 3.1 Pro", "weighted_score": 6, "brief_justification": "Accurately identifies major red flags like poor earnings quality, extreme receivables/DSO, customer concentration, and going-concern risk. However, the response is incomplete/truncated, overstates potential fraud without sufficient qualification, and does not fully address additional information requested." }, { "judge_key": "gpt_5_4", "judge_name": "GPT-5.4", "respondent_key": "claude_opus_46", "respondent_name": "Claude Opus 4.6", "weighted_score": 9.35, "brief_justification": "Accurately identifies major red flags including cash flow divergence, extreme receivables/DSO, inventory buildup, customer concentration, and going concern risk. Well-structured and highly actionable with strong follow-up questions. Slightly overstates fraud likelihood as more evidence would be needed." }, { "judge_key": "gpt_5_4", "judge_name": "GPT-5.4", "respondent_key": "deepseek_v4", "respondent_name": "DeepSeek V4", "weighted_score": 8.6, "brief_justification": "Accurately identifies the major red flags: negative operating cash flow despite profits, extreme AR/DSO issues, inventory build, customer concentration, and the going-concern warning. The response is clear and practical, with good follow-up questions. Minor limitations: it could probe shipment-based revenue recognition more deeply (e.g., channel stuffing, bill-and-hold/acceptance terms, returns, collectibility criteria) and note that margins are not especially thin given the stated numbers." }, { "judge_key": "gpt_5_4", "judge_name": "GPT-5.4", "respondent_key": "mimo_v2_flash", "respondent_name": "MiMo-V2-Flash", "weighted_score": 8.75, "brief_justification": "Strong analysis that correctly flags cash flow vs. earnings, extreme receivables/DSO, inventory buildup, customer concentration, and the going-concern note. It is clear, thorough, and actionable. Slight overstatement in places (e.g., implying likely insolvency or bankruptcy from limited data, calling the DSO situation a contradiction, and treating shipment-based recognition as especially suspicious when it can be standard) keeps correctness from being higher." }, { "judge_key": "gpt_5_4", "judge_name": "GPT-5.4", "respondent_key": "claude_sonnet_46", "respondent_name": "Claude Sonnet 4.6", "weighted_score": 9, "brief_justification": "Accurately identifies the major red flags: negative operating cash flow despite profit, extreme AR/DSO, inventory build, customer concentration, shipment-based revenue recognition, and the going-concern warning. It also asks for strong follow-up information such as AR aging, post-period collections, contract terms, liquidity, and auditor details. Clear, well-structured, and practically useful. Minor deduction because it leans a bit too confidently toward fraud analogies and says the going-concer" }, { "judge_key": "gpt_5_4", "judge_name": "GPT-5.4", "respondent_key": "grok_420", "respondent_name": "Grok 4.20", "weighted_score": 8.8, "brief_justification": "Accurately identifies the key red flags: cash flow/profit mismatch, receivables and DSO surge, inventory buildup, customer concentration, aggressive revenue recognition concerns, and the going-concern warning. The additional information requested is practical and relevant. Slightly overstated in calling cash flow mismatch a classic earnings manipulation signal and drawing fraud analogies too strongly from limited data, but overall strong, clear, and actionable." }, { "judge_key": "gpt_5_4", "judge_name": "GPT-5.4", "respondent_key": "gpt_oss_120b", "respondent_name": "GPT-OSS-120B", "weighted_score": 9.35, "brief_justification": "Accurately identifies the major red flags—negative operating cash flow, extreme DSO, surging receivables and inventory, customer concentration, revenue-recognition risk, and the going-concern note. It is very thorough and practical, with strong additional-information requests. Minor nit: a few speculative statements and one assumption about assets are not strictly supported by the prompt." }, { "judge_key": "gpt_5_4", "judge_name": "GPT-5.4", "respondent_key": "gemini_3_flash", "respondent_name": "Gemini 3 Flash Preview", "weighted_score": 8.2, "brief_justification": "Strong identification of core red flags: poor cash conversion, AR/DSO issues, inventory buildup, concentration risk, and going-concern warning. Clear and practical with good follow-up requests. Slightly overstated in places, such as implying profits are 'faked' or the crisis is definitively terminal, and it misses some nuance around shipment-based revenue recognition depending on contract terms." }, { "judge_key": "deepseek_v4", "judge_name": "DeepSeek V4", "respondent_key": "gemini_31_pro", "respondent_name": "Gemini 3.1 Pro", "weighted_score": 9.8, "brief_justification": "Highly accurate, thorough, and insightful analysis with clear actionable concerns." }, { "judge_key": "deepseek_v4", "judge_name": "DeepSeek V4", "respondent_key": "claude_opus_46", "respondent_name": "Claude Opus 4.6", "weighted_score": 9.8, "brief_justification": "Comprehensive and accurate analysis with clear identification of red flags and actionable follow-up questions." }, { "judge_key": "deepseek_v4", "judge_name": "DeepSeek V4", "respondent_key": "gpt_5_4", "respondent_name": "GPT-5.4", "weighted_score": 9.8, "brief_justification": "Comprehensive and accurate analysis with deep insights and actionable recommendations." }, { "judge_key": "deepseek_v4", "judge_name": "DeepSeek V4", "respondent_key": "mimo_v2_flash", "respondent_name": "MiMo-V2-Flash", "weighted_score": 9.6, "brief_justification": "Comprehensive and accurate analysis with clear red flags and actionable insights." }, { "judge_key": "deepseek_v4", "judge_name": "DeepSeek V4", "respondent_key": "claude_sonnet_46", "respondent_name": "Claude Sonnet 4.6", "weighted_score": 10, "brief_justification": "Comprehensive, accurate, and actionable analysis with clear identification of red flags and additional information needed." }, { "judge_key": "deepseek_v4", "judge_name": "DeepSeek V4", "respondent_key": "grok_420", "respondent_name": "Grok 4.20", "weighted_score": 9.8, "brief_justification": "Comprehensive and accurate analysis with deep insights and practical recommendations." }, { "judge_key": "deepseek_v4", "judge_name": "DeepSeek V4", "respondent_key": "gpt_oss_120b", "respondent_name": "GPT-OSS-120B", "weighted_score": 9.6, "brief_justification": "Highly accurate, thorough, and actionable analysis with clear structure." }, { "judge_key": "deepseek_v4", "judge_name": "DeepSeek V4", "respondent_key": "gemini_3_flash", "respondent_name": "Gemini 3 Flash Preview", "weighted_score": 8.8, "brief_justification": "Highly accurate and detailed analysis with actionable insights." }, { "judge_key": "deepseek_v4", "judge_name": "DeepSeek V4", "respondent_key": "minimax_m25", "respondent_name": "MiniMax M2.5", "weighted_score": 8.45, "brief_justification": "Accurate analysis with clear identification of red flags and useful follow-up questions." }, { "judge_key": "mimo_v2_flash", "judge_name": "MiMo-V2-Flash", "respondent_key": "gemini_31_pro", "respondent_name": "Gemini 3.1 Pro", "weighted_score": 9, "brief_justification": "The response accurately identifies all major red flags, including the cash flow disconnect, DSO anomalies, channel stuffing risks, and customer concentration. It provides excellent analysis and actionable next steps, though it slightly overstates the certainty of fraud." }, { "judge_key": "mimo_v2_flash", "judge_name": "MiMo-V2-Flash", "respondent_key": "claude_opus_46", "respondent_name": "Claude Opus 4.6", "weighted_score": 9.35, "brief_justification": "Accurate identification of red flags, thorough coverage of all data points, exceptionally clear structure, insightful narrative connecting issues, and highly actionable recommendations." }, { "judge_key": "mimo_v2_flash", "judge_name": "MiMo-V2-Flash", "respondent_key": "gpt_5_4", "respondent_name": "GPT-5.4", "weighted_score": 9, "brief_justification": "Excellent analysis that correctly identifies all major red flags (cash flow mismatch, DSO, inventory, concentration, going concern) and provides a comprehensive list of follow-up questions." }, { "judge_key": "mimo_v2_flash", "judge_name": "MiMo-V2-Flash", "respondent_key": "deepseek_v4", "respondent_name": "DeepSeek V4", "weighted_score": 9, "brief_justification": "Excellent analysis that correctly identifies all major red flags (cash flow mismatch, AR/DSO, revenue recognition, customer concentration, going concern, inventory spike) and provides highly relevant additional information requests. Structure is clear and professional. Minor deduction in depth as some analysis could be slightly more nuanced (e.g., distinguishing between cash flow timing vs. fraud risk more explicitly)." }, { "judge_key": "mimo_v2_flash", "judge_name": "MiMo-V2-Flash", "respondent_key": "claude_sonnet_46", "respondent_name": "Claude Sonnet 4.6", "weighted_score": 9.35, "brief_justification": "Comprehensive, accurate, and highly actionable analysis with clear structure and deep insights." }, { "judge_key": "mimo_v2_flash", "judge_name": "MiMo-V2-Flash", "respondent_key": "grok_420", "respondent_name": "Grok 4.20", "weighted_score": 9, "brief_justification": "Excellent analysis that correctly identifies all major red flags (cash flow disconnect, DSO, concentration, going concern) and provides actionable next steps. The response demonstrates strong financial literacy and forensic accounting thinking." }, { "judge_key": "mimo_v2_flash", "judge_name": "MiMo-V2-Flash", "respondent_key": "gpt_oss_120b", "respondent_name": "GPT-OSS-120B", "weighted_score": 9, "brief_justification": "Excellent analysis covering all major red flags and providing comprehensive information requests. Structured clearly with specific calculations." }, { "judge_key": "mimo_v2_flash", "judge_name": "MiMo-V2-Flash", "respondent_key": "gemini_3_flash", "respondent_name": "Gemini 3 Flash Preview", "weighted_score": 9, "brief_justification": "Excellent analysis that accurately identifies all major red flags (quality of earnings, AR disconnect, DSO, concentration risk) and provides specific, actionable requests for additional information." }, { "judge_key": "mimo_v2_flash", "judge_name": "MiMo-V2-Flash", "respondent_key": "minimax_m25", "respondent_name": "MiniMax M2.5", "weighted_score": 8.6, "brief_justification": "Accurate identification of key red flags, thorough coverage of concerns, clear structure, insightful analysis of implications, and actionable recommendations for further investigation." }, { "judge_key": "gpt_oss_120b", "judge_name": "GPT-OSS-120B", "respondent_key": "gemini_31_pro", "respondent_name": "Gemini 3.1 Pro", "weighted_score": 6.65, "brief_justification": "Accurately identifies key red flags and explains them clearly, but the answer is cut off and omits a full set of additional information requests, reducing completeness and overall usefulness." }, { "judge_key": "claude_sonnet_46", "judge_name": "Claude Sonnet 4.6", "respondent_key": "gemini_31_pro", "respondent_name": "Gemini 3.1 Pro", "weighted_score": 8.6, "brief_justification": "The response demonstrates strong analytical depth, correctly identifying the most critical red flags (DSO anomaly, earnings quality disconnect, channel stuffing indicators, concentration risk, going concern). Analysis is well-structured and insightful, connecting dots between metrics effectively (e.g., linking the major customer to the A/R problem). The response appears truncated at the Going Concern section, cutting off before completing that point and before addressing the 'additional informat" }, { "judge_key": "claude_sonnet_46", "judge_name": "Claude Sonnet 4.6", "respondent_key": "claude_opus_46", "respondent_name": "Claude Opus 4.6", "weighted_score": 9.35, "brief_justification": "Exceptional analysis that correctly identifies all major red flags with proper weighting (cash flow/income divergence as most critical, DSO anomaly, going concern). The narrative synthesis connecting the dots into a coherent fraud/manipulation story is sophisticated. Historical comparisons add depth. The additional information requests are specific and actionable. The summary table provides excellent at-a-glance value. Minor gap: could have noted the gross margin calculation explicitly (60%) and" }, { "judge_key": "claude_sonnet_46", "judge_name": "Claude Sonnet 4.6", "respondent_key": "gpt_5_4", "respondent_name": "GPT-5.4", "weighted_score": 10, "brief_justification": "Exceptional analysis that correctly identifies all major red flags with precise quantitative reasoning (e.g., AR at 80% of revenue, DSO 6.5x industry average). The response demonstrates sophisticated financial analysis by connecting multiple signals (negative CFO despite positive net income, AR growth outpacing revenue growth, going concern note) into coherent risk narratives. Coverage is exhaustive including channel stuffing, revenue recognition concerns, customer concentration, and liquidity r" }, { "judge_key": "claude_sonnet_46", "judge_name": "Claude Sonnet 4.6", "respondent_key": "deepseek_v4", "respondent_name": "DeepSeek V4", "weighted_score": 8.8, "brief_justification": "Excellent analysis identifying all major red flags with accurate interpretation. The DSO analysis, cash flow mismatch, and going concern warning are all correctly flagged and explained. Additional information requests are practical and targeted. Minor gap: could have explored potential fraud indicators more explicitly (e.g., channel stuffing, round-tripping) and the math behind gross margin (60%) being healthy while operations burn cash. Overall very strong, actionable response." }, { "judge_key": "claude_sonnet_46", "judge_name": "Claude Sonnet 4.6", "respondent_key": "mimo_v2_flash", "respondent_name": "MiMo-V2-Flash", "weighted_score": 9.2, "brief_justification": "Excellent analysis that correctly identifies all major red flags with strong financial reasoning. The DSO math is accurate and well-explained, the going concern flag is appropriately emphasized, and the phantom cash flow analysis is spot-on. The additional information requests are highly relevant and actionable. Minor gap: could have explored potential channel stuffing more explicitly given the AR/revenue recognition combination, and the thin margin analysis slightly oversimplifies (operating ex" }, { "judge_key": "claude_sonnet_46", "judge_name": "Claude Sonnet 4.6", "respondent_key": "grok_420", "respondent_name": "Grok 4.20", "weighted_score": 9, "brief_justification": "Excellent analysis that correctly identifies all major red flags with appropriate prioritization. The cash flow/profit disconnect, DSO anomaly, and going concern note are properly flagged as critical issues. Historical comparisons add context. The additional information requests are highly specific and actionable. Minor gap: could have quantified the implied fraud risk more precisely or discussed the mathematical relationship between AR growth and revenue growth more explicitly, but overall this" }, { "judge_key": "claude_sonnet_46", "judge_name": "Claude Sonnet 4.6", "respondent_key": "gpt_oss_120b", "respondent_name": "GPT-OSS-120B", "weighted_score": 9.35, "brief_justification": "Exceptionally thorough analysis covering all major red flags with accurate calculations and well-organized tables. The DSO verification, working capital gap analysis ($20M earnings vs negative CFO), and structured additional information requests demonstrate strong financial analysis depth. Minor deduction on correctness as the response could have noted that operating income of $15M equals net income of $15M, implying zero interest/tax expense which is itself suspicious. Overall, highly actionabl" }, { "judge_key": "claude_sonnet_46", "judge_name": "Claude Sonnet 4.6", "respondent_key": "gemini_3_flash", "respondent_name": "Gemini 3 Flash Preview", "weighted_score": 8.8, "brief_justification": "Excellent analysis that correctly identifies all major red flags including the earnings-cash flow divergence, AR anomalies, DSO concerns, concentration risk, and going concern warning. The response demonstrates strong financial forensics knowledge by connecting the dots between multiple indicators (e.g., linking channel stuffing to the single customer and revenue recognition policy). Additional information requests are highly relevant and actionable. Minor gap: could have quantified the gross ma" }, { "judge_key": "claude_sonnet_46", "judge_name": "Claude Sonnet 4.6", "respondent_key": "minimax_m25", "respondent_name": "MiniMax M2.5", "weighted_score": 1.25, "brief_justification": "The response is completely empty - no content was provided to evaluate. The model failed to generate any response to the financial analysis question." }, { "judge_key": "grok_420", "judge_name": "Grok 4.20", "respondent_key": "gemini_31_pro", "respondent_name": "Gemini 3.1 Pro", "weighted_score": 8.6, "brief_justification": "The response accurately identifies all major red flags with strong logical analysis, provides clear structure, insightful explanations of accounting implications, and covers key concerns comprehensively while noting the need for more data." }, { "judge_key": "grok_420", "judge_name": "Grok 4.20", "respondent_key": "claude_opus_46", "respondent_name": "Claude Opus 4.6", "weighted_score": 8.8, "brief_justification": "The response accurately identifies all major red flags with strong logical connections, provides thorough analysis and a comprehensive list of additional information needed, communicates clearly with structured sections and tables, offers insightful synthesis of patterns reminiscent of real fraud cases, and delivers highly actionable insights for evaluation." }, { "judge_key": "grok_420", "judge_name": "Grok 4.20", "respondent_key": "gpt_5_4", "respondent_name": "GPT-5.4", "weighted_score": 9, "brief_justification": "The response accurately identifies all major red flags with strong logical connections, provides thorough analysis across financial statements, offers insightful context on accounting implications, and lists highly actionable additional information requests in a clear, structured format." }, { "judge_key": "grok_420", "judge_name": "Grok 4.20", "respondent_key": "deepseek_v4", "respondent_name": "DeepSeek V4", "weighted_score": 8.8, "brief_justification": "The response accurately identifies all major red flags with strong logical analysis, provides thorough coverage including a clear structure and useful additional info requests, and offers practical insights for further investigation." }, { "judge_key": "grok_420", "judge_name": "Grok 4.20", "respondent_key": "mimo_v2_flash", "respondent_name": "MiMo-V2-Flash", "weighted_score": 8.8, "brief_justification": "The response accurately identifies all key red flags with strong logical analysis, provides thorough coverage including implications, and clearly structures the concerns and additional info needed. Minor room for more depth on potential fraud angles but highly useful overall." }, { "judge_key": "grok_420", "judge_name": "Grok 4.20", "respondent_key": "claude_sonnet_46", "respondent_name": "Claude Sonnet 4.6", "weighted_score": 8.8, "brief_justification": "The response accurately identifies all key red flags with strong logical connections, provides thorough analysis and a coherent narrative, is clearly structured with tables and sections, offers insightful fraud pattern explanation, and delivers highly actionable due diligence priorities." }, { "judge_key": "grok_420", "judge_name": "Grok 4.20", "respondent_key": "gpt_oss_120b", "respondent_name": "GPT-OSS-120B", "weighted_score": 9.2, "brief_justification": "The response is factually accurate, logically structured, and provides a comprehensive, insightful analysis with practical tables and specific requests that go well beyond surface-level observations." }, { "judge_key": "grok_420", "judge_name": "Grok 4.20", "respondent_key": "gemini_3_flash", "respondent_name": "Gemini 3 Flash Preview", "weighted_score": 8.8, "brief_justification": "The response accurately identifies all key red flags with strong logical connections, provides thorough analysis and relevant additional info requests, communicates clearly with structured format, offers insightful forensic perspective, and delivers highly actionable insights for evaluation." }, { "judge_key": "gpt_oss_120b", "judge_name": "GPT-OSS-120B", "respondent_key": "claude_opus_46", "respondent_name": "Claude Opus 4.6", "weighted_score": 8.45, "brief_justification": "Accurately identifies key red flags, offers thorough follow‑up questions, presents analysis clearly and with insight, and provides actionable guidance." }, { "judge_key": "gpt_oss_120b", "judge_name": "GPT-OSS-120B", "respondent_key": "gpt_5_4", "respondent_name": "GPT-5.4", "weighted_score": 8.45, "brief_justification": "Accurate identification of key red flags, thorough coverage of concerns and info requests, well-structured and clear, offers insightful analysis and practical next steps." }, { "judge_key": "gpt_oss_120b", "judge_name": "GPT-OSS-120B", "respondent_key": "deepseek_v4", "respondent_name": "DeepSeek V4", "weighted_score": 8.25, "brief_justification": "Accurately identifies key red flags and asks relevant follow‑up data; well‑structured and clear; covers most major issues but could probe deeper into cash conversion and debt covenants." }, { "judge_key": "gpt_oss_120b", "judge_name": "GPT-OSS-120B", "respondent_key": "mimo_v2_flash", "respondent_name": "MiMo-V2-Flash", "weighted_score": 8.45, "brief_justification": "Accurate identification of key red flags and solid explanation; covers most critical issues and asks relevant follow‑up data, presented clearly and with useful insight." }, { "judge_key": "gpt_oss_120b", "judge_name": "GPT-OSS-120B", "respondent_key": "claude_sonnet_46", "respondent_name": "Claude Sonnet 4.6", "weighted_score": 8.6, "brief_justification": "Accurate analysis, thorough red‑flag identification and actionable due‑diligence items; minor gaps in covering margin details." }, { "judge_key": "gpt_oss_120b", "judge_name": "GPT-OSS-120B", "respondent_key": "grok_420", "respondent_name": "Grok 4.20", "weighted_score": 8.45, "brief_justification": "Accurately identifies key red flags, offers thorough follow‑up items, clear structure, good analytical depth, and actionable next steps." }, { "judge_key": "gpt_oss_120b", "judge_name": "GPT-OSS-120B", "respondent_key": "gemini_3_flash", "respondent_name": "Gemini 3 Flash Preview", "weighted_score": 8.6, "brief_justification": "Accurate identification of key red flags and clear, actionable follow‑up items; covers most major concerns though could include a few more financial ratios." }, { "judge_key": "gemini_3_flash", "judge_name": "Gemini 3 Flash Preview", "respondent_key": "gemini_31_pro", "respondent_name": "Gemini 3.1 Pro", "weighted_score": 9.1, "brief_justification": "The analysis of the financial data is exceptionally sharp, correctly identifying channel stuffing and liquidity risks. However, the response is truncated at the end, missing the 'Additional Information' section requested in the prompt." }, { "judge_key": "gemini_3_flash", "judge_name": "Gemini 3 Flash Preview", "respondent_key": "claude_opus_46", "respondent_name": "Claude Opus 4.6", "weighted_score": 10, "brief_justification": "The response is an exceptional financial analysis. It correctly identifies the core accounting anomalies (DSO, AR/Revenue divergence, and Cash Flow/Net Income decoupling), provides a sophisticated narrative of what these red flags likely mean (channel stuffing/aggressive revenue recognition), and asks the exact right follow-up questions regarding AR aging and related-party transactions." }, { "judge_key": "gemini_3_flash", "judge_name": "Gemini 3 Flash Preview", "respondent_key": "gpt_5_4", "respondent_name": "GPT-5.4", "weighted_score": 10, "brief_justification": "The response is an excellent and thorough analysis of the provided financial data. It correctly identifies all major red flags, explains the accounting implications (such as the divergence between net income and cash flow), and provides a comprehensive list of follow-up questions that a professional analyst would ask." }, { "judge_key": "gemini_3_flash", "judge_name": "Gemini 3 Flash Preview", "respondent_key": "deepseek_v4", "respondent_name": "DeepSeek V4", "weighted_score": 9.8, "brief_justification": "The response accurately identifies all critical red flags, specifically the massive divergence between net income and cash flow, the extreme DSO, and the concentration risk. It provides a logical analysis of why these metrics are concerning and asks the right follow-up questions." }, { "judge_key": "gemini_3_flash", "judge_name": "Gemini 3 Flash Preview", "respondent_key": "mimo_v2_flash", "respondent_name": "MiMo-V2-Flash", "weighted_score": 9.8, "brief_justification": "The response provides a comprehensive and accurate analysis of the financial data. It correctly identifies the critical relationship between the DSO, AR, and revenue recognition, and highlights the 'Going Concern' warning as the ultimate red flag. The additional information requested is highly relevant for a professional financial audit." }, { "judge_key": "gemini_3_flash", "judge_name": "Gemini 3 Flash Preview", "respondent_key": "claude_sonnet_46", "respondent_name": "Claude Sonnet 4.6", "weighted_score": 10, "brief_justification": "The response is an exceptional financial analysis. It correctly identifies all red flags, explains the mechanics of why they are concerning (e.g., the link between AR growth and revenue inflation), and provides a highly professional list of follow-up questions. The formatting is excellent." }, { "judge_key": "gemini_3_flash", "judge_name": "Gemini 3 Flash Preview", "respondent_key": "grok_420", "respondent_name": "Grok 4.20", "weighted_score": 10, "brief_justification": "The response is an exceptional analysis of the provided financial data. It correctly identifies all major red flags, explains the implications of the DSO and cash flow disconnect, and provides a comprehensive list of follow-up questions and documents needed for a thorough investigation." }, { "judge_key": "gemini_3_flash", "judge_name": "Gemini 3 Flash Preview", "respondent_key": "gpt_oss_120b", "respondent_name": "GPT-OSS-120B", "weighted_score": 9.8, "brief_justification": "The response is exceptionally thorough and professional. It correctly identifies all red flags, provides the mathematical verification for DSO, and categorizes additional information requests in a way that mirrors a professional audit or credit analysis. The use of tables makes the complex information very accessible." }, { "judge_key": "gemini_3_flash", "judge_name": "Gemini 3 Flash Preview", "respondent_key": "minimax_m25", "respondent_name": "MiniMax M2.5", "weighted_score": 10, "brief_justification": "The model correctly identified all major red flags, including the massive discrepancy between net income and cash flow, the extreme DSO, and the customer concentration risk. It also asked for the appropriate follow-up information." }, { "judge_key": "minimax_m25", "judge_name": "MiniMax M2.5", "respondent_key": "gemini_31_pro", "respondent_name": "Gemini 3.1 Pro", "weighted_score": 7.55, "brief_justification": "Analysis correctly identifies key red flags (cash flow mismatch, DSO, channel stuffing, concentration risk, going concern). However, response is incomplete and cuts off mid-sentence, missing the section on additional information requested. Despite excellent structure and depth, the incompleteness significantly reduces practical usefulness." }, { "judge_key": "minimax_m25", "judge_name": "MiniMax M2.5", "respondent_key": "claude_opus_46", "respondent_name": "Claude Opus 4.6", "weighted_score": 9.8, "brief_justification": "Excellent analysis with correct financial interpretations. Thoroughly covers all major red flags including cash flow divergence, AR crisis, inventory buildup, customer concentration, and going concern note. Well-structured with clear headings, tables, and a coherent narrative connecting the dots. Provides specific, actionable additional information requests. Depth is strong with historical fraud case references and insightful connections between metrics." }, { "judge_key": "minimax_m25", "judge_name": "MiniMax M2.5", "respondent_key": "gpt_5_4", "respondent_name": "GPT-5.4", "weighted_score": 8.8, "brief_justification": "Excellent analysis that correctly identifies all major red flags including earnings quality issues, extreme AR and DSO concerns, inventory buildup, aggressive revenue recognition in context, dangerous customer concentration, and the serious going concern warning. Well-organized with clear headings and logical flow. Provides thorough explanation of why each issue matters and connects them into a coherent narrative. Comprehensive list of additional information needed for full assessment. Minor ded" }, { "judge_key": "minimax_m25", "judge_name": "MiniMax M2.5", "respondent_key": "deepseek_v4", "respondent_name": "DeepSeek V4", "weighted_score": 9.25, "brief_justification": "Excellent analysis covering all major red flags with accurate financial interpretation. Well-structured with clear explanations of why each issue matters. Provides comprehensive list of additional information needed. Minor deduction on completeness as working capital analysis could be more explicit." }, { "judge_key": "minimax_m25", "judge_name": "MiniMax M2.5", "respondent_key": "mimo_v2_flash", "respondent_name": "MiMo-V2-Flash", "weighted_score": 8.8, "brief_justification": "Excellent analysis covering all major red flags with accurate financial reasoning. Well-structured with clear explanations of each issue and practical follow-up questions. Connects the dots between negative cash flow, high DSO, and going concern qualification to conclude the company is effectively insolvent. Minor deduction for depth as it could explore accounting implications more deeply." }, { "judge_key": "minimax_m25", "judge_name": "MiniMax M2.5", "respondent_key": "claude_sonnet_46", "respondent_name": "Claude Sonnet 4.6", "weighted_score": 9, "brief_justification": "Excellent analysis with accurate identification of all major red flags (negative cash flow, AR explosion, DSO anomaly, going concern, customer concentration). Well-organized with clear severity rankings, coherent fraud narrative, and comprehensive list of additional information needed. Uses effective tables and structured formatting. Connects individual issues into a logical pattern and provides actionable guidance for different scenarios." }, { "judge_key": "minimax_m25", "judge_name": "MiniMax M2.5", "respondent_key": "grok_420", "respondent_name": "Grok 4.20", "weighted_score": 9, "brief_justification": "Excellent analysis with accurate identification of all major red flags (negative cash flow despite profit, DSO 292 days vs 45 industry avg, 60% customer concentration, going concern warning). Thorough coverage includes working capital issues, revenue recognition concerns, and potential channel stuffing. Well-structured with clear headings and numbered points. Provides insightful depth by connecting issues to historical fraud cases and explaining the earnings manipulation mechanics. Highly action" }, { "judge_key": "minimax_m25", "judge_name": "MiniMax M2.5", "respondent_key": "gpt_oss_120b", "respondent_name": "GPT-OSS-120B", "weighted_score": 8.8, "brief_justification": "Excellent analysis correctly identifying all major red flags (negative CFO, 292-day DSO, 60% customer concentration, going-concern note). Well-structured with tables and clear explanations. Provides comprehensive, actionable information requests across 8 categories. Minor deduction on depth for not exploring potential benign explanations or mitigation strategies more fully." }, { "judge_key": "minimax_m25", "judge_name": "MiniMax M2.5", "respondent_key": "gemini_3_flash", "respondent_name": "Gemini 3 Flash Preview", "weighted_score": 8.6, "brief_justification": "Excellent analysis correctly identifying all major red flags including the quality of earnings gap, AR growth outpacing revenue, extreme DSO, revenue recognition concerns, customer concentration, and going concern warning. Well-structured with clear explanations of why each issue matters. Requests specific, actionable additional information for forensic analysis." } ], "meta": { "source": "The Multivac (app.themultivac.com)", "methodology": "10x10 blind peer matrix evaluation", "criteria": "correctness, completeness, clarity, depth, usefulness", "self_judgments": "excluded from rankings", "license": "Open data — cite as: The Multivac (2026)" } }