CSW Industrials, Inc.
CSW Industrials Specialty Industrial Machinery
CSW Industrials, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $1.1 billion, up 23.3% from fiscal 2025. In the quarter to June 2026, revenue grew 33.0%, EPS grew 25.5%, free cash flow grew 20.6% and total debt rose 800.5%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for ten; insiders bought in the last twelve months.
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CSW Industrials, Inc. (CSW) Beneish M-score
CSW Industrials, Inc.'s Beneish M-score for fiscal 2026 is −3.17; 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 | −3.17 | (0.79) |
| FY2025 | −2.38 | 0.20 |
| FY2024 | −2.58 | (0.04) |
| FY2023 | −2.54 | (0.36) |
| FY2022 | −2.18 | 0.30 |
| FY2021 | −2.47 | 0.13 |
| FY2020 | −2.60 | 0.10 |
| FY2019 | −2.70 | (0.21) |
| FY2018 | −2.49 | 0.00 |
| FY2017 | −2.49 | 0.28 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.10 | — | 1.01 | |
| Gross margin index | 1.07 | — | 0.56 | |
| Asset quality index | 1.39 | — | 0.56 | |
| Sales growth index | 1.23 | — | 1.10 | |
| Depreciation index | 0.81 | — | 0.09 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.02) | — | −0.07 | |
| Leverage index | 4.31 | — | −1.41 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.17 | ||
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 |
|---|---|
| CSW CSW Industrials, Inc. | −3.2× |
| MIDD The Middleby Corporation compare | −2.7× |
| MIR Mirion Technologies, Inc. compare | −2.7× |
| NPO Enpro Inc. compare | −2.6× |
| FELE Franklin Electric Co., Inc. compare | −2.6× |
| GTES Gates Industrial Corporation PLC compare | −2.5× |
| MWA MUELLER WATER PRODUCTS compare | −2.5× |
| SXI Standex International Corporation compare | −2.4× |
| JBTM JBT Marel Corporation 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