Daily Journal Corp. (S.C.)
DJCO Technology Software Application
Daily Journal Corp. (S.C.)’s revenue for fiscal 2025 (year ended September 2025) was $87.7 million, up 25.4% from fiscal 2024. In the quarter to June 2026, revenue grew 15.3%, EPS fell 175.5%, free cash flow grew 48.2% and total debt fell 20.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Daily Journal Corp. (S.C.) (DJCO) Beneish M-score
Daily Journal Corp. (S.C.)'s Beneish M-score for fiscal 2025 is −1.41; 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 | −1.41 | 0.38 |
| FY2024 | −1.79 | 0.55 |
| FY2023 | −2.35 | 0.87 |
| FY2022 | −3.22 | (2.07) |
| FY2021 | −1.15 | 0.07 |
| FY2020 | −1.21 | 1.72 |
| FY2019 | −2.93 | (0.41) |
| FY2018 | −2.52 | (0.26) |
| FY2017 | −2.27 | 0.40 |
| FY2016 | −2.67 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.87 | — | 0.80 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 1.25 | — | 1.12 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | 0.18 | — | 0.84 | |
| Leverage index | 0.68 | — | −0.22 | |
| Beneish M-score | Flagged by the model | −1.41 | ||
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 |
|---|---|
| SMWB Similarweb Ltd. compare | −3.3× |
| PUBM PubMatic, Inc. compare | −3.3× |
| MNTN MNTN Inc. compare | −3.0× |
| MITK Mitek Systems, Inc. compare | −2.9× |
| UPBD Upbound Group, Inc. compare | −2.5× |
| DSP Viant Technology Inc. compare | −2.5× |
| PAR PAR Technology Corporation compare | −2.4× |
| DJCO Daily Journal Corp. (S.C.) | −1.4× |
| YALA Truth Social God Bless America ETF 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