Caesarstone Ltd.
CSTE Industrials Building Products & Equipment
Caesarstone Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $397.2 million, down 10.4% from fiscal 2024. In the quarter to June 2026, revenue fell 4.52%, EPS grew 16.7%, free cash flow grew 112.0% and total debt fell 74.0%, each against the same quarter a year earlier.
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Caesarstone Ltd. (CSTE) Beneish M-score
Caesarstone Ltd.'s Beneish M-score for fiscal 2025 is −3.86; 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 | −3.86 | (0.58) |
| FY2024 | −3.28 | 0.52 |
| FY2023 | −3.80 | (1.03) |
| FY2022 | −2.77 | (0.40) |
| FY2021 | −2.37 | 0.20 |
| FY2020 | −2.57 | (0.22) |
| FY2019 | −2.35 | 0.00 |
| FY2018 | −2.36 | 0.31 |
| FY2017 | −2.67 | 0.00 |
| FY2016 | −2.67 | (0.34) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.81 | — | 0.74 | |
| Gross margin index | 1.18 | — | 0.62 | |
| Asset quality index | 1.27 | — | 0.51 | |
| Sales growth index | 0.90 | — | 0.80 | |
| Depreciation index | 0.58 | — | 0.07 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | (0.25) | — | −1.17 | |
| Leverage index | 1.25 | — | −0.41 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.86 | ||
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 |
|---|---|
| ASPN Aspen Aerogels, Inc. compare | −5.8× |
| UUU Universal Safety Products, Inc. compare | −4.9× |
| JELD JELD-WEN Holding, Inc. compare | −4.1× |
| CSTE Caesarstone Ltd. | −3.9× |
| INVE Identiv, Inc. compare | −3.5× |
| JLHL Julong Holding Limited compare | −1.9× |
| PPIH Perma-Pipe International Holdings, Inc. compare | −1.8× |
| AEHL Antelope Enterprise Holdings L compare | — |
| AIRJ AirJoule Technologies 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