Alithya Group Inc.
ALYAF Technology Information Technology Services
Alithya Group Inc.’s revenue for fiscal 2026 (year ended March 2026) was $345.5 million, up 1.54% from fiscal 2025. In the quarter to June 2026, revenue fell 15.5%, EPS fell 1,528.6%, free cash flow fell 10.2% and total debt fell 3.53%, each against the same quarter a year earlier.
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Alithya Group Inc. (ALYAF) Beneish M-score
Alithya Group Inc.'s Beneish M-score for fiscal 2026 is −3.39; 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) |
|---|---|---|
| FY2026 | −3.39 | (0.31) |
| FY2025 | −3.08 | (0.19) |
| FY2024 | −2.89 | 0.34 |
| FY2023 | −3.23 | (1.24) |
| FY2022 | −1.98 | 0.80 |
| FY2021 | −2.79 | 0.66 |
| FY2020 | −3.45 | 0.90 |
| FY2017 | −4.35 | (1.36) |
| FY2016 | −2.99 | (0.29) |
| FY2015 | −2.70 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.88 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.17) | — | −0.79 | |
| Leverage index | 1.15 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.39 | ||
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 |
|---|---|
| QXL Quantum X Labs Inc. compare | −7.0× |
| TTEC TeleTech Holdings, Inc. compare | −3.6× |
| ALYAF Alithya Group Inc. | −3.4× |
| UIS Unisys Corporation compare | −3.1× |
| WYY WidePoint Corporation compare | −3.0× |
| TSSI TSS Inc. compare | −2.9× |
| III Information Services Group, Inc. compare | −2.9× |
| CNDT Conduent Inc. compare | −2.6× |
| CSPI CSP Inc. compare | −2.4× |
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