ADT Inc.
ADT Industrials Security & Protection Services
ADT Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.1 billion, up 4.70% from fiscal 2024. In the quarter to June 2026, revenue grew 1.96%, EPS was flat, free cash flow grew 28.1% and total debt fell 1.64%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three; insiders bought in the last twelve months.
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ADT Inc. (ADT) Beneish M-score
ADT Inc.'s Beneish M-score for fiscal 2025 is −2.85; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.85 | (0.10) |
| FY2024 | −2.75 | (0.06) |
| FY2023 | −2.68 | 0.42 |
| FY2022 | −3.10 | (0.41) |
| FY2021 | −2.69 | 0.24 |
| FY2020 | −2.94 | 0.05 |
| FY2019 | −2.99 | (0.43) |
| FY2018 | −2.56 | 0.15 |
| FY2017 | −2.70 | (6.69) |
| FY2016 | 3.99 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.93 | — | 0.86 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 1.05 | — | 0.93 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.08) | — | −0.38 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.85 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| EVLV Evolv Technologies Holdings, Inc. compare | −3.2× |
| NSSC NAPCO Security Technologies, Inc. compare | −3.0× |
| ADT ADT Inc. | −2.8× |
| BCO Brink's Company (The) compare | −2.7× |
| MSA MSA Safety Incorporporated compare | −2.5× |
| ALLE Allegion PLC compare | −2.5× |
| BRC Brady Corporation compare | −2.4× |
| CXW CoreCivic, Inc. compare | −2.1× |
| GEO Geo Group Inc (The) compare | −1.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI