Bridgeline Digital, Inc.
BLIN Technology Software Infrastructure
Bridgeline Digital, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $15.4 million, roughly unchanged from fiscal 2024. In the quarter to June 2026, revenue grew 1.98%, EPS grew 42.9%, free cash flow grew 116.1% and total debt fell 46.3%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Bridgeline Digital, Inc. (BLIN) Beneish M-score
Bridgeline Digital, Inc.'s Beneish M-score for fiscal 2025 is −2.77; 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 | −2.77 | (0.21) |
| FY2024 | −2.56 | 2.83 |
| FY2023 | −5.39 | (3.33) |
| FY2022 | −2.06 | 0.35 |
| FY2021 | −2.42 | 0.01 |
| FY2020 | −2.43 | 2.58 |
| FY2019 | −5.01 | 0.70 |
| FY2018 | −5.71 | (3.19) |
| FY2017 | −2.52 | 1.16 |
| FY2016 | −3.69 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.20 | — | 1.10 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.95 | — | 0.39 | |
| Sales growth index | 1.00 | — | 0.89 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.09) | — | −0.43 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.77 | ||
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 |
|---|---|
| BTLN Brightline Interactive, Inc. compare | −21.9× |
| DTSS Datasea Intelligent Technology Ltd. compare | −4.2× |
| OLB OLB Group, Inc. compare | −3.3× |
| HPAI Helport AI Limited compare | −3.3× |
| CISO CISO Global, Inc. compare | −2.8× |
| BLIN Bridgeline Digital, Inc. | −2.8× |
| ALAR Alarum Technologies Ltd. Sponsored ADR compare | −0.2× |
| APCX AppTech Payments Corp. compare | 0.4× |
| RKTO Rocket One 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