Gencor Industries Inc.
GENC Industrials Farm & Heavy Construction Machinery
Gencor Industries Inc.’s revenue for fiscal 2025 (year ended September 2025) was $115.4 million, up 2.01% from fiscal 2024. In the quarter to June 2026, revenue grew 25.3%, EPS grew 50.0% and free cash flow grew 29.5%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.
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Gencor Industries Inc. (GENC) Beneish M-score
Gencor Industries Inc.'s Beneish M-score for fiscal 2025 is −1.52; 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 | −1.52 | 0.95 |
| FY2024 | −2.47 | 0.22 |
| FY2023 | −2.69 | (1.84) |
| FY2022 | −0.85 | 1.44 |
| FY2021 | −2.29 | (6.34) |
| FY2020 | 4.06 | 5.62 |
| FY2019 | −1.56 | 0.18 |
| FY2018 | −1.74 | 0.74 |
| FY2017 | −2.48 | 0.05 |
| FY2016 | −2.53 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.55 | — | 1.43 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.22 | — | 0.49 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 1.05 | — | 0.12 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | 0.06 | — | 0.26 | |
| Leverage index | 0.78 | — | −0.25 | |
| Beneish M-score | Flagged by the model | −1.52 | ||
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 |
|---|---|
| TWI Titan International, Inc. compare | −2.7× |
| HY Hyster-Yale, Inc. compare | −2.6× |
| MTW The Manitowoc Company, Inc. compare | −2.5× |
| ASTE Astec Industries, Inc. compare | −2.1× |
| AEBI Aebi Schmidt Holding AG compare | −1.7× |
| CMCO Columbus McKinnon Corporation compare | −1.6× |
| GENC Gencor Industries Inc. | −1.5× |
| WNC Wabash National Corporation compare | −0.5× |
| BNC BNB Standard Corporation 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