Blend Labs, Inc.
BLND Technology Software Application
In the quarter to June 2026, revenue grew 6.98%, EPS grew 25.0% and free cash flow grew 170.3%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Blend Labs, Inc. (BLND) Beneish M-score
Blend Labs, Inc.'s Beneish M-score for fiscal 2025 is −2.80; 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 | −2.80 | 0.22 |
| FY2024 | −3.01 | 0.05 |
| FY2023 | −3.06 | 6.59 |
| FY2022 | −9.65 | (9.47) |
| FY2021 | −0.18 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.56 | — | 0.52 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 1.65 | — | 0.67 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 2.15 | — | 0.25 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.07) | — | −0.35 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.80 | ||
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 |
|---|---|
| ALIT Alight, Inc. compare | −6.5× |
| EXFY Expensify, Inc. compare | −3.7× |
| SMRT SmartRent, Inc. compare | −3.2× |
| KLTR Kaltura, Inc. compare | −3.2× |
| XPER Xperi Inc. compare | −2.8× |
| BLND Blend Labs, Inc. | −2.8× |
| IMMR Immersion Corporation compare | −2.5× |
| SVCO Silvaco Group, Inc. compare | −2.2× |
| AZ A2Z Cust2Mate Solutions Corp. compare | −0.7× |
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