Clarus Corporation
CLAR Consumer Cyclical Leisure
Clarus Corporation’s revenue for fiscal 2025 (year ended December 2025) was $250.4 million, down 5.25% from fiscal 2024. In the quarter to June 2026, revenue grew 1.65%, EPS grew 154.6% and free cash flow grew 105.7%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Clarus Corporation (CLAR) Beneish M-score
Clarus Corporation's Beneish M-score for fiscal 2025 is −3.35; 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 | −3.35 | 0.47 |
| FY2024 | −3.82 | (0.94) |
| FY2023 | −2.88 | 0.94 |
| FY2022 | −3.82 | (1.71) |
| FY2021 | −2.11 | 0.62 |
| FY2020 | −2.73 | (0.59) |
| FY2019 | −2.14 | 0.49 |
| FY2018 | −2.64 | (1.47) |
| FY2017 | −1.17 | 1.51 |
| FY2016 | −2.68 | 2.18 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.09 | — | 1.01 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 0.71 | — | 0.29 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 1.58 | — | 0.18 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.17) | — | −0.79 | |
| Leverage index | 1.33 | — | −0.43 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.35 | ||
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 |
|---|---|
| XPOF Xponential Fitness, Inc. compare | −4.1× |
| CLAR Clarus Corporation | −3.4× |
| PLBY PLBY Group, Inc. compare | −3.1× |
| AOUT American Outdoor Brands, Inc. compare | −3.1× |
| ESCA Escalade, Incorporated compare | −2.9× |
| KBSX FST Corp. compare | −2.3× |
| PUSA Powerus Corporation compare | −1.9× |
| GDHG Golden Heaven Group Holdings Ltd. compare | −0.6× |
| HERE Here Group Limited 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