Arrow Electronics, Inc.
ARW Technology Electronics & Computer Distribution
Arrow Electronics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $30.9 billion, up 10.5% from fiscal 2024. In the quarter to June 2026, revenue grew 31.8%, EPS grew 47.0%, free cash flow grew 232.4% and total debt fell 23.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Arrow Electronics, Inc. (ARW) Beneish M-score
Arrow Electronics, Inc.'s Beneish M-score for fiscal 2025 is −2.03; 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 | −2.03 | 0.48 |
| FY2024 | −2.52 | (0.11) |
| FY2023 | −2.41 | (0.23) |
| FY2022 | −2.18 | 0.09 |
| FY2021 | −2.27 | 0.33 |
| FY2020 | −2.60 | 0.18 |
| FY2019 | −2.77 | (0.48) |
| FY2018 | −2.29 | (0.08) |
| FY2017 | −2.22 | 0.17 |
| FY2016 | −2.39 | 0.09 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.37 | — | 1.26 | |
| Gross margin index | 1.05 | — | 0.55 | |
| Asset quality index | 0.76 | — | 0.31 | |
| Sales growth index | 1.10 | — | 0.99 | |
| Depreciation index | 1.15 | — | 0.13 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | 0.02 | — | 0.08 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Elevated | −2.03 | ||
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 |
|---|---|
| TAIT Taitron Components Incorporated compare | −2.8× |
| IZM ICZOOM Group Inc. compare | −2.6× |
| SNX TD SYNNEX Corporation compare | −2.5× |
| CNXN PC Connection, Inc. compare | −2.4× |
| SCSC ScanSource, Inc. compare | −2.4× |
| NSIT Insight Enterprises, Inc. compare | −2.4× |
| CLMB Climb Global Solutions, Inc. compare | −2.3× |
| ARW Arrow Electronics, Inc. | −2.0× |
| AVT Avnet, Inc. compare | −1.9× |
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