BIO-key International Inc.
BKYI Industrials Security & Protection Services
BIO-key International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.9 million, down 14.3% from fiscal 2024. In the quarter to June 2026, revenue grew 13.2%, EPS grew 72.0%, free cash flow grew 4.04% and total debt fell 90.1%, each against the same quarter a year earlier.
Follow BKYI
BIO-key International Inc. (BKYI) Beneish M-score
BIO-key International Inc.'s Beneish M-score for fiscal 2025 is −3.33; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.33 | 0.19 |
| FY2024 | −3.52 | 2.40 |
| FY2023 | −5.93 | (0.44) |
| FY2022 | −5.49 | (4.88) |
| FY2021 | −0.61 | 2.18 |
| FY2020 | −2.79 | (0.77) |
| FY2017 | −2.02 | 0.64 |
| FY2016 | −2.66 | (7.74) |
| FY2015 | 5.08 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.80 | — | 1.65 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 0.58 | — | 0.24 | |
| Sales growth index | 0.86 | — | 0.76 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.30) | — | −1.40 | |
| Leverage index | 0.70 | — | −0.23 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.33 | ||
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 |
|---|---|
| OPNW OpenWorld, Inc. compare | −5.3× |
| IVDA Iveda Solutions, Inc. compare | −3.6× |
| BKYI BIO-key International Inc. | −3.3× |
| GFAI Guardforce AI Co., Limited compare | −2.9× |
| BAER Bridger Aerospace Group Holdings, Inc. compare | −2.7× |
| SNT Senstar Technologies Ltd. compare | −2.3× |
| SUGP SU Group Holdings Limited compare | −1.9× |
| SPCB SuperCom, Ltd. compare | −1.5× |
| KSCP Knightscope, Inc. compare | — |
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