Cyanotech Corporation
CYAN Consumer Defensive Packaged Foods
Cyanotech Corporation’s revenue for fiscal 2026 (year ended March 2026) was $26.6 million, up 9.80% from fiscal 2025. In the quarter to June 2026, revenue grew 11.1%, EPS grew 144.1%, free cash flow grew 204.0% and total debt rose 7.77%, each against the same quarter a year earlier.
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Cyanotech Corporation (CYAN) Beneish M-score
Cyanotech Corporation's Beneish M-score for fiscal 2026 is −2.37; 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 | −2.37 | 0.69 |
| FY2025 | −3.07 | (0.27) |
| FY2024 | −2.79 | 0.47 |
| FY2023 | −3.27 | (1.23) |
| FY2022 | −2.04 | 0.44 |
| FY2021 | −2.48 | (4.92) |
| FY2020 | 2.44 | 5.75 |
| FY2019 | −3.32 | (1.27) |
| FY2018 | −2.04 | 1.40 |
| FY2017 | −3.44 | 0.26 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.51 | — | 1.39 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 0.90 | — | 0.10 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 1.11 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.37 | ||
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 |
|---|---|
| BSFCD Blue Star Foods Corp. compare | −14.7× |
| SNAX Stryve Foods, Inc. compare | −4.9× |
| ATPC Agape ATP Corporation compare | −3.2× |
| CYAN Cyanotech Corporation | −2.4× |
| RGFC Real Good Food Company, Inc. compare | −1.2× |
| MEHA Functional Brands Inc. compare | −0.9× |
| ORISF Oriental Rise Holdings Limited compare | −0.7× |
| PAVS Paranovus Entertainment Technology Ltd. compare | — |
| STKH Steakholder Foods Ltd. Sponsored ADR 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