Castellum, Inc.
CTM Technology Information Technology Services
Castellum, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $52.9 million, up 18.1% from fiscal 2024. In the quarter to June 2026, revenue fell 1.14%, EPS fell 170.3% and free cash flow grew 791.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow CTM
Castellum, Inc. (CTM) Beneish M-score
Castellum, Inc.'s Beneish M-score for fiscal 2025 is −1.84; 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 | −1.84 | 2.21 |
| FY2024 | −4.05 | 0.65 |
| FY2023 | −4.70 | (0.28) |
| FY2022 | −4.42 | (2.73) |
| FY2021 | −1.69 | (6.00) |
| FY2020 | 4.31 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.26 | — | 1.16 | |
| Gross margin index | 1.11 | — | 0.59 | |
| Asset quality index | 0.82 | — | 0.33 | |
| Sales growth index | 1.18 | — | 1.05 | |
| Depreciation index | 1.10 | — | 0.13 | |
| SG&A index | 0.63 | — | −0.11 | |
| Total accruals to total assets | (0.01) | — | −0.05 | |
| Leverage index | 0.30 | — | −0.10 | |
| Beneish M-score | Elevated | −1.84 | ||
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 |
|---|---|
| AIOS AIOS Tech Inc. compare | −186× |
| QXL Quantum X Labs Inc. compare | −7.0× |
| TTEC TeleTech Holdings, Inc. compare | −3.6× |
| WYY WidePoint Corporation compare | −3.0× |
| JFU 9F Inc. Sponsored ADR compare | −2.6× |
| CLPS CLPS Incorporation compare | −2.6× |
| CSPI CSP Inc. compare | −2.4× |
| CTM Castellum, Inc. | −1.8× |
| SAIH SAIHEAT Limited 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