Brightstar Lottery
BRSL Consumer Cyclical Gambling
In the quarter to June 2026, revenue fell 7.45%, EPS grew 162.1%, free cash flow fell 719.1% and total debt fell 33.5%, each against the same quarter a year earlier.
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Brightstar Lottery (BRSL) Beneish M-score
Brightstar Lottery's Beneish M-score for fiscal 2025 is −1.86; 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 | −1.86 | 1.08 |
| FY2024 | −2.95 | 0.20 |
| FY2023 | −3.14 | (0.25) |
| FY2022 | −2.90 | (0.17) |
| FY2021 | −2.73 | 0.34 |
| FY2020 | −3.07 | (0.08) |
| FY2019 | −3.00 | (0.46) |
| FY2018 | −2.54 | 0.40 |
| FY2017 | −2.94 | (0.41) |
| FY2016 | −2.53 | 0.28 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.12 | — | 1.03 | |
| Gross margin index | 1.05 | — | 0.56 | |
| Asset quality index | 1.88 | — | 0.76 | |
| Sales growth index | 1.00 | — | 0.89 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | 0.03 | — | 0.12 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Elevated | −1.86 | ||
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 |
|---|---|
| CDRO Codere Online Luxembourg, S.A. compare | −3.4× |
| CHDN Churchill Downs, Incorporated compare | −2.7× |
| LNWO Light & Wonder, Inc. compare | −2.7× |
| RSI Rush Street Interactive, Inc. compare | −2.7× |
| SGHC Super Group (SGHC) Limited compare | −2.6× |
| DKNG DraftKings Inc. compare | −2.6× |
| ACEL Accel Entertainment, Inc. compare | −2.2× |
| FLUT Flutter Entertainment PLC compare | −2.0× |
| BRSL Brightstar Lottery | −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