DEFSEC Technologies Inc.
DFSC Industrials Aerospace & Defense
DEFSEC Technologies Inc.’s revenue for fiscal 2025 (year ended September 2025) was $3.5 million, up 219.6% from fiscal 2024. In the quarter to June 2026, revenue grew 91.8%, EPS grew 65.5% and free cash flow grew 23.0%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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DEFSEC Technologies Inc. (DFSC) Beneish M-score
DEFSEC Technologies Inc.'s Beneish M-score for fiscal 2025 is −1.26; 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 | −1.26 | (0.34) |
| FY2024 | −0.91 | 8.15 |
| FY2022 | −9.06 | (6.30) |
| FY2021 | −2.76 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.80 | — | 0.74 | |
| Gross margin index | 0.92 | — | 0.49 | |
| Asset quality index | 0.46 | — | 0.19 | |
| Sales growth index | 3.20 | — | 2.85 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 0.29 | — | −0.05 | |
| Total accruals to total assets | (0.13) | — | −0.60 | |
| Leverage index | 0.43 | — | −0.14 | |
| Beneish M-score | Flagged by the model | −1.26 | ||
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 |
|---|---|
| DUKR DUKE Robotics Corp. compare | −2.9× |
| AIRI Air Industries Group compare | −2.9× |
| PRZO ParaZero Technologies Ltd. compare | −1.7× |
| DFSC DEFSEC Technologies Inc. | −1.3× |
| GPUS Hyperscale Data, Inc. compare | −1.2× |
| VWAV visionwave holdings, inc. compare | — |
| DFNS T3 Defense Inc. compare | — |
| KITT Nauticus Robotics, Inc. compare | — |
| HLSQ Tessera Defense and Homeland Security 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