stockrowCVD Equipment Corporation
CVV Industrials Specialty Industrial Machinery
CVD Equipment Corporation’s revenue for fiscal 2025 (year ended December 2025) was $25.8 million, down 4.06% from fiscal 2024.
- Revenue
- −61.8%
- EPS
- +1,306.7%
- Free cash flow
- +86.6%
- Total debt
- −32.5%
Quarter to June 2026, against a year earlier
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CVD Equipment Corporation (CVV) Beneish M-score
CVD Equipment Corporation's Beneish M-score for fiscal 2025 is 21.79; 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 | 21.79 | 24.52 |
| FY2024 | −2.73 | 1.11 |
| FY2023 | −3.84 | (4.58) |
| FY2022 | 0.74 | 1.79 |
| FY2021 | −1.05 | 2.58 |
| FY2020 | −3.63 | (0.03) |
| FY2019 | −3.61 | (2.78) |
| FY2018 | −0.83 | (0.31) |
| FY2017 | −0.52 | 3.85 |
| FY2016 | −4.36 | (2.34) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.12 | — | 1.03 | |
| Gross margin index | 0.80 | — | 0.42 | |
| Asset quality index | 59.90 | — | 24.20 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | 0.08 | — | 0.36 | |
| Leverage index | 0.51 | — | −0.17 | |
| Beneish M-score | Flagged by the model | 21.79 | ||
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 |
|---|---|
| HUHU HUHUTECH International Group Inc. compare | −7.0× |
| SPPL SIMPPLE LTD. compare | −2.7× |
| JCSE JE Cleantech Holdings Limited compare | −2.0× |
| CEPL Capstone Energy+, Inc. compare | −1.6× |
| CETY Clean Energy Technologies, Inc. compare | −1.6× |
| BWEN Broadwind Energy, Inc. compare | −1.2× |
| CVV CVD Equipment Corporation | 21.8× |
| VGTK Viking Global Technologies Inc. compare | — |
| HDRN Hadron Energy, 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