Donnelley Financial Solutions
DFIN Technology Software Application
Donnelley Financial Solutions' revenue for fiscal 2025 (year ended December 2025) was $767.0 million, down 1.91% from fiscal 2024. In the quarter to June 2026, revenue grew 2.80%, EPS grew 11.5%, free cash flow grew 18.4% and total debt rose 7.31%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Donnelley Financial Solutions (DFIN) Beneish M-score
Donnelley Financial Solutions's Beneish M-score for fiscal 2025 is −3.25; 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 | −3.25 | (0.19) |
| FY2024 | −3.06 | (0.28) |
| FY2023 | −2.78 | 0.12 |
| FY2022 | −2.90 | (0.30) |
| FY2021 | −2.59 | 0.96 |
| FY2020 | −3.55 | (1.03) |
| FY2019 | −2.53 | (0.14) |
| FY2018 | −2.39 | 0.82 |
| FY2017 | −3.20 | (0.13) |
| FY2016 | −3.08 | (0.58) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.06 | — | 0.97 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 0.98 | — | 0.88 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.17) | — | −0.77 | |
| Leverage index | 1.10 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.25 | ||
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 |
|---|---|
| DFIN Donnelley Financial Solutions | −3.3× |
| RSKD Riskified Ltd. compare | −3.2× |
| IBTA Ibotta, Inc. compare | −3.0× |
| CXM Sprinklr, Inc. compare | −3.0× |
| RDVT Red Violet, Inc. compare | −2.8× |
| GTM ZoomInfo Technologies Inc. compare | −2.8× |
| APPS Digital Turbine, Inc. compare | −2.7× |
| PD PagerDuty compare | −1.8× |
| WRD WeRide Inc. compare | −1.8× |
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