Columbus McKinnon Corporation
CMCO Industrials Farm & Heavy Construction Machinery
Columbus McKinnon Corporation’s revenue for fiscal 2026 (year ended March 2026) was $1.2 billion, up 23.9% from fiscal 2025. In the quarter to June 2026, revenue grew 125.3%, EPS fell 4,287.6%, free cash flow grew 193.5% and total debt rose 401.9%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Columbus McKinnon Corporation (CMCO) Beneish M-score
Columbus McKinnon Corporation's Beneish M-score for fiscal 2026 is −1.58; 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) |
|---|---|---|
| FY2026 | −1.58 | 1.01 |
| FY2025 | −2.59 | (0.17) |
| FY2024 | −2.43 | 0.13 |
| FY2023 | −2.56 | (0.40) |
| FY2022 | −2.15 | 0.84 |
| FY2021 | −2.99 | (0.32) |
| FY2020 | −2.68 | (0.04) |
| FY2019 | −2.63 | (0.07) |
| FY2018 | −2.56 | (0.19) |
| FY2017 | −2.37 | 0.20 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.85 | — | 1.71 | |
| Gross margin index | 1.12 | — | 0.59 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 1.24 | — | 1.11 | |
| Depreciation index | 1.96 | — | 0.23 | |
| SG&A index | 1.16 | — | −0.20 | |
| Total accruals to total assets | (0.02) | — | −0.08 | |
| Leverage index | 1.51 | — | −0.49 | |
| Beneish M-score | Flagged by the model | −1.58 | ||
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 |
|---|---|
| TWI Titan International, Inc. compare | −2.7× |
| HY Hyster-Yale, Inc. compare | −2.6× |
| MTW The Manitowoc Company, Inc. compare | −2.5× |
| ASTE Astec Industries, Inc. compare | −2.1× |
| AEBI Aebi Schmidt Holding AG compare | −1.7× |
| CMCO Columbus McKinnon Corporation | −1.6× |
| GENC Gencor Industries Inc. compare | −1.5× |
| WNC Wabash National Corporation compare | −0.5× |
| BNC BNB Standard Corporation 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