Castle Biosciences, Inc.
CSTL Healthcare Diagnostics & Research
Castle Biosciences, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $344.2 million, up 3.66% from fiscal 2024. In the quarter to June 2026, revenue grew 20.1%, EPS fell 143.8%, free cash flow fell 43.3% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Castle Biosciences, Inc. (CSTL) Beneish M-score
Castle Biosciences, Inc.'s Beneish M-score for fiscal 2025 is −3.49; 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 | −3.49 | (0.91) |
| FY2024 | −2.58 | (0.21) |
| FY2023 | −2.37 | 0.04 |
| FY2022 | −2.41 | (14.02) |
| FY2021 | 11.61 | 13.99 |
| FY2020 | −2.38 | (0.37) |
| FY2019 | −2.01 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.82 | — | 0.75 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 1.04 | — | 0.92 | |
| Depreciation index | 0.56 | — | 0.06 | |
| SG&A index | 1.11 | — | −0.19 | |
| Total accruals to total assets | (0.15) | — | −0.72 | |
| Leverage index | 1.21 | — | −0.40 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.49 | ||
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 |
|---|---|
| MYGN Myriad Genetics, Inc. compare | −5.4× |
| CSTL Castle Biosciences, Inc. | −3.5× |
| CDNA CareDx, Inc. compare | −3.4× |
| OPK OPKO Health, Inc. compare | −2.8× |
| NEO NeoGenomics, Inc. compare | −2.7× |
| VCYT Veracyte, Inc. compare | −2.7× |
| WGS GeneDx Holdings Corp. compare | −2.4× |
| FLGT Fulgent Genetics, Inc. compare | −2.3× |
| PSNL Personalis, Inc. compare | −1.3× |
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