CLPS Incorporation
CLPS Technology Information Technology Services
CLPS Incorporation’s revenue for fiscal 2025 (year ended June 2025) was $164.5 million, up 15.2% from fiscal 2024. Dividend growth for three consecutive years.
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CLPS Incorporation (CLPS) Beneish M-score
CLPS Incorporation's Beneish M-score for fiscal 2025 is −2.62; 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 | −2.62 | (0.62) |
| FY2024 | −2.00 | 1.12 |
| FY2023 | −3.12 | (2.11) |
| FY2022 | −1.01 | 0.28 |
| FY2021 | −1.29 | 1.02 |
| FY2020 | −2.31 | 0.51 |
| FY2019 | −2.82 | (2.71) |
| FY2018 | −0.12 | 0.62 |
| FY2017 | −0.74 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 1.05 | — | 0.55 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.15 | — | 1.03 | |
| Depreciation index | 0.69 | — | 0.08 | |
| SG&A index | 1.08 | — | −0.19 | |
| Total accruals to total assets | (0.03) | — | −0.15 | |
| Leverage index | 1.27 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.62 | ||
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 |
|---|---|
| AIOS AIOS Tech Inc. compare | −186× |
| WYY WidePoint Corporation compare | −3.0× |
| JFU 9F Inc. Sponsored ADR compare | −2.6× |
| CLPS CLPS Incorporation | −2.6× |
| CSPI CSP Inc. compare | −2.4× |
| CTM Castellum, Inc. compare | −1.8× |
| VEEA Veea Inc. compare | −0.5× |
| BDAI Biddance AI Systems, Inc. compare | 2.0× |
| SAIH SAIHEAT 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