Data I/O Corporation
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Data I/O Corporation’s revenue for fiscal 2025 (year ended December 2025) was $21.5 million, down 1.24% from fiscal 2024. In the quarter to June 2026, revenue fell 13.4%, EPS fell 112.5% and free cash flow fell 398.0%, each against the same quarter a year earlier.
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Data I/O Corporation (DAIO) Beneish M-score
Data I/O Corporation's Beneish M-score for fiscal 2025 is −3.51; 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 | −3.51 | (0.83) |
| FY2024 | −2.68 | 0.14 |
| FY2023 | −2.82 | (0.55) |
| FY2022 | −2.27 | (0.40) |
| FY2021 | −1.87 | 2.05 |
| FY2020 | −3.92 | (2.83) |
| FY2019 | −1.09 | 1.36 |
| FY2018 | −2.45 | (2.08) |
| FY2017 | −0.37 | 1.89 |
| FY2016 | −2.26 | 1.01 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.73 | — | 0.67 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 0.93 | — | 0.38 | |
| Sales growth index | 0.99 | — | 0.88 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 1.11 | — | −0.19 | |
| Total accruals to total assets | (0.15) | — | −0.70 | |
| Leverage index | 1.19 | — | −0.39 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.51 | ||
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 |
|---|---|
| DAIO Data I/O Corporation | −3.5× |
| LINK Interlink Electronics, Inc. compare | −3.2× |
| HOLO MicroCloud Hologram Inc. compare | −2.9× |
| ELTK Eltek Ltd. compare | −2.0× |
| DSWL Deswell Industries, Inc. compare | −1.8× |
| WETH Wetouch Technology Inc. compare | −1.2× |
| NEON Neonode Inc. compare | −0.1× |
| SELXF Semilux International Ltd. compare | — |
| REFR Research Frontiers Incorporated 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