L.B. Foster Company
FSTR Industrials Railroads
L.B. Foster Company’s revenue for fiscal 2025 (year ended December 2025) was $540.0 million, up 1.74% from fiscal 2024. In the quarter to June 2026, revenue fell 3.49%, EPS grew 7.14%, free cash flow grew 83.8% and total debt fell 41.2%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
Follow FSTR
L.B. Foster Company (FSTR) Beneish M-score
L.B. Foster Company'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
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.58 | (0.74) |
| FY2024 | −1.85 | 1.48 |
| FY2023 | −3.33 | (0.51) |
| FY2022 | −2.82 | (0.46) |
| FY2021 | −2.36 | 0.17 |
| FY2020 | −2.53 | (0.48) |
| FY2019 | −2.05 | 0.99 |
| FY2018 | −3.04 | (0.27) |
| FY2017 | −2.77 | 1.96 |
| FY2016 | −4.73 | (1.06) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.22 | — | 1.12 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 1.13 | — | 0.13 | |
| SG&A index | 0.90 | — | −0.16 | |
| Total accruals to total assets | (0.09) | — | −0.40 | |
| Leverage index | 0.95 | — | −0.31 | |
| 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 |
|---|---|
| RVSN Rail Vision Ltd. compare | −3.4× |
| NSC Norfolk Southern Corporation compare | −2.6× |
| FSTR L.B. Foster Company | −2.6× |
| GBX Greenbrier Companies, Inc. (The) compare | −2.6× |
| CP Canadian Pacific Kansas City Limited compare | −2.6× |
| WAB Wabtec compare | −2.6× |
| TRN Trinity Industries, Inc. compare | −2.4× |
| RAIL Freightcar America, Inc. compare | −2.1× |
| SWVL Swvl Holdings Corp. compare | −1.0× |
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