Espey Mfg. & Electronics Corp.
ESP Industrials Electrical Equipment & Parts
Espey Mfg. & Electronics Corp.’s revenue for fiscal 2026 (year ended June 2026) was $46.1 million, up 4.95% from fiscal 2025. In the quarter to June 2026, revenue grew 40.4%, EPS grew 7.27% and free cash flow fell 199.9%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Espey Mfg. & Electronics Corp. (ESP) Beneish M-score
Espey Mfg. & Electronics Corp.'s Beneish M-score for fiscal 2026 is −2.15; 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 | −2.15 | 1.06 |
| FY2025 | −3.22 | (0.36) |
| FY2024 | −2.86 | (0.18) |
| FY2023 | −2.68 | 0.01 |
| FY2022 | −2.69 | 0.07 |
| FY2021 | −2.75 | 0.74 |
| FY2020 | −3.49 | (3.03) |
| FY2019 | −0.46 | 1.31 |
| FY2018 | −1.77 | 1.89 |
| FY2017 | −3.66 | (0.76) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.18 | — | 1.08 | |
| Gross margin index | 0.82 | — | 0.43 | |
| Asset quality index | 0.91 | — | 0.37 | |
| Sales growth index | 1.05 | — | 0.94 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | 0.06 | — | 0.26 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Elevated | −2.15 | ||
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 |
|---|---|
| LTBR Lightbridge Corporation compare | −5.8× |
| SKYX SKYX Platforms Corp. compare | −4.4× |
| ULBI Ultralife Corporation compare | −2.8× |
| NEOV NeoVolta, Inc. compare | −2.7× |
| OESX Orion Energy Systems, Inc. compare | −2.4× |
| CBAT China BAK Battery, Inc. compare | −2.3× |
| ESP Espey Mfg. & Electronics Corp. | −2.2× |
| ELVA Electrovaya Inc. compare | 22.6× |
| EAF GrafTech International Ltd. 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