Byrna Technologies Inc.
BYRN Industrials Aerospace & Defense
In the quarter to August 2026, revenue fell 45.7%, EPS fell 226.7% and free cash flow grew 87.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Byrna Technologies Inc. (BYRN) Beneish M-score
Byrna Technologies Inc.'s Beneish M-score for fiscal 2025 is 0.24; 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 | 0.24 | 2.34 |
| FY2024 | −2.09 | 2.01 |
| FY2023 | −4.10 | (4.47) |
| FY2022 | 0.36 | 1.44 |
| FY2021 | −1.08 | (9.69) |
| FY2020 | 8.61 | 4.62 |
| FY2019 | 3.98 | 7.78 |
| FY2018 | −3.80 | 1.15 |
| FY2017 | −4.95 | 0.84 |
| FY2016 | −5.79 | (4.86) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.99 | — | 2.75 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.63 | — | 0.26 | |
| Sales growth index | 1.38 | — | 1.23 | |
| Depreciation index | 1.42 | — | 0.16 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | 0.13 | — | 0.62 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Flagged by the model | 0.24 | ||
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 |
|---|---|
| SPAI Safe Pro Group Inc. compare | −4.3× |
| SIF SIFCO Industries, Inc. compare | −2.7× |
| OPXS Optex Systems Holdings Inc. compare | −2.7× |
| CODA Coda Octopus Group Inc. compare | −2.6× |
| AIRO AIRO Group Holdings, Inc. compare | −2.0× |
| BYRN Byrna Technologies Inc. | 0.2× |
| MRLN Merlin Inc compare | — |
| HOVR New Horizon Aircraft Ltd. compare | — |
| SIDU Sidus Space, 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