Digimarc Corporation
DMRC Technology Software Application
Digimarc Corporation’s revenue for fiscal 2025 (year ended December 2025) was $33.9 million, down 11.7% from fiscal 2024. In the quarter to June 2026, revenue fell 7.77%, EPS fell 42.1% and free cash flow grew 80.9%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Digimarc Corporation (DMRC) Beneish M-score
Digimarc Corporation's Beneish M-score for fiscal 2025 is −4.25; 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 | −4.25 | (1.10) |
| FY2024 | −3.15 | 0.82 |
| FY2023 | −3.97 | (0.98) |
| FY2022 | −2.98 | (1.47) |
| FY2021 | −1.51 | 1.72 |
| FY2020 | −3.23 | 0.36 |
| FY2019 | −3.59 | 0.01 |
| FY2018 | −3.60 | (0.69) |
| FY2017 | −2.92 | (0.05) |
| FY2016 | −2.86 | 0.10 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.15 | — | 1.06 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 1.23 | — | 0.50 | |
| Sales growth index | 0.88 | — | 0.79 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 0.96 | — | −0.17 | |
| Total accruals to total assets | (0.39) | — | −1.81 | |
| Leverage index | 1.31 | — | −0.43 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.25 | ||
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 |
|---|---|
| MRT MARTI TECH INC compare | −5.3× |
| DMRC Digimarc Corporation | −4.2× |
| HUCK Huckleberry.ai, Inc. compare | −3.6× |
| DHX DHI Group, Inc. compare | −3.5× |
| ASUR Asure Software, Inc. compare | −2.9× |
| PERF Perfect Corp. compare | −0.6× |
| LAIX LAIX Inc. Sponsored ADR compare | 2.7× |
| DUOT Duos Technologies Group, Inc. compare | 3.1× |
| TONX TON Strategy Company compare | 7.5× |
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