Freightos Limited
CRGO Industrials Integrated Freight & Logistics
Freightos Limited’s revenue for fiscal 2025 (year ended December 2025) was $29.5 million, up 23.9% from fiscal 2024. In the quarter to June 2026, revenue grew 3.40%, EPS grew 66.7%, free cash flow grew 46.4% and total debt rose 36.1%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
Follow CRGO
Freightos Limited (CRGO) Beneish M-score
Freightos Limited's Beneish M-score for fiscal 2025 is −2.92; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.92 | 0.35 |
| FY2024 | −3.27 | 0.94 |
| FY2023 | −4.20 | (1.39) |
| FY2022 | −2.82 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.91 | |
| Gross margin index | 0.98 | — | 0.51 | |
| Asset quality index | 1.14 | — | 0.46 | |
| Sales growth index | 1.24 | — | 1.10 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 0.77 | — | −0.13 | |
| Total accruals to total assets | (0.14) | — | −0.65 | |
| Leverage index | 1.23 | — | −0.40 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.92 | ||
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 |
|---|---|
| CJMB Callan JMB Inc. compare | −5.5× |
| QNME Quanome Technologies, Inc. compare | −4.8× |
| CRGO Freightos Limited | −2.9× |
| PAL Proficient Auto Logistics, Inc. compare | −2.9× |
| SFWL Shengfeng Development Limited compare | −2.3× |
| ELOG Eastern International Ltd. compare | −2.0× |
| FLX BingEx Limited compare | −1.3× |
| NCEW New Century Logistics (BVI) Limited compare | 5.9× |
| PSIG PS International Group Ltd. 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