Compass Diversified Holdings
CODI Industrials Conglomerates
Compass Diversified Holdings' revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 4.79% from fiscal 2024. In the quarter to June 2026, revenue fell 11.4%, EPS grew 197.7%, free cash flow grew 151.0% and total debt fell 22.5%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Compass Diversified Holdings (CODI) Beneish M-score
Compass Diversified Holdings's Beneish M-score for fiscal 2025 is −2.42; 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 | −2.42 | 0.22 |
| FY2024 | −2.64 | 0.72 |
| FY2023 | −3.36 | (0.47) |
| FY2022 | −2.89 | (0.41) |
| FY2021 | −2.48 | 0.27 |
| FY2020 | −2.74 | 0.10 |
| FY2019 | −2.84 | (0.08) |
| FY2018 | −2.76 | (0.18) |
| FY2017 | −2.58 | (0.29) |
| FY2016 | −2.28 | 0.46 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.36 | — | 1.25 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 1.05 | — | 0.93 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.10) | — | −0.45 | |
| Leverage index | 0.57 | — | −0.19 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.42 | ||
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 |
|---|---|
| TTI Tetra Technologies, Inc. compare | −3.3× |
| MATW Matthews International Corporation compare | −2.9× |
| TRC Tejon Ranch Co compare | −2.8× |
| DLX Deluxe Corporation compare | −2.7× |
| BOC Boston Omaha Corporation compare | −2.6× |
| CRESY Cresud S.A.C.I.F. y A. compare | −2.5× |
| CODI Compass Diversified Holdings | −2.4× |
| FBYD Falcon's Beyond Global, Inc. compare | 1.1× |
| TMS Live Oak Acquisition Corp. V 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