Deswell Industries, Inc.
DSWL Technology Electronic Components
Deswell Industries, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $61.3 million, down 9.29% from fiscal 2025. Dividend growth for five consecutive years.
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Deswell Industries, Inc. (DSWL) Beneish M-score
Deswell Industries, Inc.'s Beneish M-score for fiscal 2026 is −1.79; 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) |
|---|---|---|
| FY2026 | −1.79 | 1.34 |
| FY2025 | −3.13 | (0.16) |
| FY2024 | −2.97 | (1.84) |
| FY2023 | −1.12 | 0.93 |
| FY2022 | −2.05 | 0.13 |
| FY2021 | −2.18 | 1.29 |
| FY2020 | −3.47 | (1.16) |
| FY2019 | −2.32 | 0.32 |
| FY2018 | −2.64 | (0.27) |
| FY2017 | −2.37 | (0.51) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.27 | — | 1.17 | |
| Gross margin index | 0.90 | — | 0.48 | |
| Asset quality index | 2.06 | — | 0.83 | |
| Sales growth index | 0.91 | — | 0.81 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 1.13 | — | −0.19 | |
| Total accruals to total assets | 0.04 | — | 0.20 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Elevated | −1.79 | ||
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 |
|---|---|
| WBX Wallbox N.V. compare | −4.9× |
| DAIO Data I/O Corporation compare | −3.5× |
| LINK Interlink Electronics, Inc. compare | −3.2× |
| HOLO MicroCloud Hologram Inc. compare | −2.9× |
| CPSH CPS Technologies Corp. compare | −2.8× |
| ELTK Eltek Ltd. compare | −2.0× |
| DSWL Deswell Industries, Inc. | −1.8× |
| KULR KULR Technology Group, Inc. compare | 3.1× |
| 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