Charles River Associates
CRAI Industrials Consulting Services
Charles River Associates' revenue for fiscal 2025 (year ended December 2025) was $751.6 million, up 9.33% from fiscal 2024. In the quarter to June 2026, revenue grew 12.8%, EPS grew 17.7%, free cash flow fell 230.2% and total debt rose 82.5%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten.
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Charles River Associates (CRAI) Beneish M-score
Charles River Associates's Beneish M-score for fiscal 2025 is −2.21; 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 | −2.21 | 0.22 |
| FY2024 | −2.43 | 0.25 |
| FY2023 | −2.67 | (0.48) |
| FY2022 | −2.19 | 0.62 |
| FY2021 | −2.81 | (0.13) |
| FY2020 | −2.69 | (0.45) |
| FY2019 | −2.24 | 0.31 |
| FY2018 | −2.55 | 0.27 |
| FY2017 | −2.82 | 0.09 |
| FY2016 | −2.92 | (0.26) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.04 | — | 0.95 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 1.09 | — | 0.98 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | 0.05 | — | 0.24 | |
| Leverage index | 1.19 | — | −0.39 | |
| Beneish M-score | Elevated | −2.21 | ||
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 |
|---|---|
| FORR Forrester Research, Inc. compare | −4.4× |
| HURN Huron Consulting Group Inc. compare | −2.7× |
| BAH Booz Allen Hamilton Holding Corporation compare | −2.7× |
| ICFI ICF International, Inc. compare | −2.6× |
| FCN FTI Consulting, Inc. compare | −2.4× |
| CRAI Charles River Associates | −2.2× |
| SBC SBC Medical Group Holdings Incorporated compare | −2.0× |
| ROMA Roma Green Finance Limited compare | 2.0× |
| LAWR Robot Consulting Co., Ltd. compare | 2.5× |
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