CareDx, Inc.
CDNA Healthcare Diagnostics & Research
CareDx, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $379.8 million, up 13.8% from fiscal 2024. In the quarter to June 2026, revenue grew 52.2%, EPS grew 1,443.8% and free cash flow grew 223.4%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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CareDx, Inc. (CDNA) Beneish M-score
CareDx, Inc.'s Beneish M-score for fiscal 2025 is −3.36; 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 | −3.36 | (1.13) |
| FY2024 | −2.23 | 2.21 |
| FY2023 | −4.44 | (1.66) |
| FY2022 | −2.78 | (0.87) |
| FY2021 | −1.91 | 0.95 |
| FY2020 | −2.86 | (0.75) |
| FY2019 | −2.10 | 0.30 |
| FY2018 | −2.40 | 2.45 |
| FY2017 | −4.85 | (1.49) |
| FY2016 | −3.36 | (0.28) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.58 | — | 0.53 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.38 | — | 0.56 | |
| Sales growth index | 1.14 | — | 1.01 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 0.89 | — | −0.15 | |
| Total accruals to total assets | (0.15) | — | −0.72 | |
| Leverage index | 1.19 | — | −0.39 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.36 | ||
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 |
|---|---|
| CDNA CareDx, Inc. | −3.4× |
| SHC Sotera Health Company compare | −2.7× |
| NEO NeoGenomics, Inc. compare | −2.7× |
| VCYT Veracyte, Inc. compare | −2.7× |
| RDNT RadNet, Inc. compare | −2.6× |
| ADPT Adaptive Biotechnologies Corporation compare | −2.4× |
| WGS GeneDx Holdings Corp. compare | −2.4× |
| BLLN BillionToOne, Inc. compare | −2.0× |
| GRAL GRAIL, 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