Dawson Geophysical Company
DWSN Energy Oil & Gas Equipment & Services
In the quarter to June 2026, revenue grew 81.8%, EPS fell 37.5%, free cash flow fell 56.2% and total debt rose 799.3%, each against the same quarter a year earlier.
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Dawson Geophysical Company (DWSN) Beneish M-score
Dawson Geophysical Company'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 | (1.45) |
| FY2024 | −2.80 | 0.49 |
| FY2023 | −3.29 | 1.49 |
| FY2022 | −4.79 | 0.07 |
| FY2020 | −4.86 | (2.97) |
| FY2019 | −1.89 | 2.01 |
| FY2018 | −3.90 | (1.54) |
| FY2017 | −2.36 | 0.58 |
| FY2016 | −2.94 | 0.17 |
| FY2015 | −3.11 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.92 | — | 0.85 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 0.56 | — | 0.23 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 1.97 | — | 0.23 | |
| SG&A index | 0.89 | — | −0.15 | |
| Total accruals to total assets | (0.28) | — | −1.33 | |
| Leverage index | 1.84 | — | −0.60 | |
| 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 |
|---|---|
| DWSN Dawson Geophysical Company | −4.3× |
| STAK STAK Inc. compare | −3.5× |
| KLXE KLX Energy Services Holdings, Inc. compare | −3.4× |
| SND Smart Sand compare | −3.3× |
| DTI Drilling Tools International Corp. compare | −3.0× |
| RNGR Ranger Energy Services, Inc. compare | −2.9× |
| OMSE OMS Energy Technologies Inc. compare | −2.6× |
| LSE Leishen Energy Holding Co., Ltd. compare | −2.0× |
| GEOS Geospace Technologies Corporation compare | −1.7× |
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