Carpenter Technology Corporation
CRS Industrials Metal Fabrication
Carpenter Technology Corporation’s revenue for fiscal 2026 (year ended June 2026) was $3.1 billion, up 8.59% from fiscal 2025. In the quarter to June 2026, revenue grew 12.6%, EPS grew 45.7%, free cash flow fell 23.0% and total debt was flat, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for three.
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Carpenter Technology Corporation (CRS) Beneish M-score
Carpenter Technology Corporation's Beneish M-score for fiscal 2026 is −2.45; 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 | −2.45 | 0.21 |
| FY2025 | −2.66 | 0.14 |
| FY2024 | −2.80 | (0.53) |
| FY2023 | −2.28 | 0.56 |
| FY2022 | −2.83 | (116.84) |
| FY2021 | 114.01 | 117.05 |
| FY2020 | −3.05 | (0.50) |
| FY2019 | −2.55 | (0.33) |
| FY2018 | −2.22 | 0.32 |
| FY2017 | −2.54 | 0.53 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.12 | — | 1.03 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 1.09 | — | 0.97 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 0.96 | — | −0.17 | |
| Total accruals to total assets | (0.02) | — | −0.09 | |
| Leverage index | 0.93 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.45 | ||
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 |
|---|---|
| PRLB Proto Labs, Inc. compare | −2.7× |
| ATI ATI Inc. compare | −2.7× |
| RYZ Ryerson Holding Corporation compare | −2.7× |
| MLI Mueller Industries, Inc. compare | −2.5× |
| CRS Carpenter Technology Corporation | −2.4× |
| WOR Worthington Enterprises, Inc. compare | −2.4× |
| ESAB ESAB Corporation compare | −2.2× |
| CMC Commercial Metals Company compare | −2.1× |
| GPGI CompoSecure, Inc. 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