Cellebrite DI Ltd.
CLBT Technology Software Infrastructure
Cellebrite DI Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $475.7 million, up 18.6% from fiscal 2024. In the quarter to June 2026, revenue grew 15.8%, EPS fell 62.5% and free cash flow fell 79.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Cellebrite DI Ltd. (CLBT) Beneish M-score
Cellebrite DI Ltd.'s Beneish M-score for fiscal 2025 is −2.14; 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 | −2.14 | 3.07 |
| FY2024 | −5.21 | (1.07) |
| FY2023 | −4.14 | (3.20) |
| FY2022 | −0.95 | 0.61 |
| FY2021 | −1.56 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.08 | — | 0.99 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 2.37 | — | 0.96 | |
| Sales growth index | 1.19 | — | 1.06 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.10) | — | −0.47 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Elevated | −2.14 | ||
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 |
|---|---|
| NTCT NetScout Systems, Inc. compare | −2.9× |
| TDC Teradata Corporation compare | −2.8× |
| PAGS PagSeguro Digital Ltd. compare | −2.8× |
| FIVN Five9, Inc. compare | −2.7× |
| APPN Appian Corporation compare | −2.7× |
| STNE StoneCo Ltd. compare | −2.2× |
| CLBT Cellebrite DI Ltd. | −2.1× |
| FOUR Shift4 Payments, Inc. compare | −1.9× |
| TCGL TechCreate Group Ltd. compare | 4.6× |
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