ESCO Technologies Inc.
ESE Technology Scientific & Technical Instruments
ESCO Technologies Inc.’s revenue for fiscal 2025 (year ended September 2025) was $1.1 billion, up 19.2% from fiscal 2024. In the quarter to June 2026, revenue grew 14.4%, EPS grew 24.8%, free cash flow fell 22.1% and total debt fell 83.8%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three, operating cash flow growth for three.
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ESCO Technologies Inc. (ESE) Beneish M-score
ESCO Technologies Inc.'s Beneish M-score for fiscal 2025 is −2.58; 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 | −2.58 | (0.10) |
| FY2024 | −2.47 | (0.22) |
| FY2023 | −2.26 | 0.32 |
| FY2022 | −2.58 | 0.12 |
| FY2021 | −2.70 | (0.09) |
| FY2020 | −2.61 | 0.05 |
| FY2019 | −2.66 | (0.17) |
| FY2018 | −2.49 | (0.15) |
| FY2017 | −2.34 | 0.20 |
| FY2016 | −2.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.88 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.16 | — | 0.47 | |
| Sales growth index | 1.19 | — | 1.06 | |
| Depreciation index | 0.85 | — | 0.10 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | (0.05) | — | −0.24 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.58 | ||
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 |
|---|---|
| ST Sensata Technologies Holding N.V. compare | −2.9× |
| CGNX Cognex Corporation compare | −2.8× |
| FTV Fortive Corporation compare | −2.7× |
| ESE ESCO Technologies Inc. | −2.6× |
| VNT Vontier Corporation compare | −2.6× |
| ITRI Itron, Inc. compare | −2.5× |
| TRMB Trimble Inc. compare | −2.3× |
| NOVT Novanta Inc. compare | −2.3× |
| BMI Badger Meter, Inc. compare | −2.2× |
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