Gilat Satellite Networks Ltd.
GILT Technology Communication Equipment
Gilat Satellite Networks Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $451.7 million, up 47.9% from fiscal 2024. In the quarter to June 2026, revenue grew 16.9%, EPS fell 35.3%, free cash flow fell 250.3% and total debt fell 96.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Gilat Satellite Networks Ltd. (GILT) Beneish M-score
Gilat Satellite Networks Ltd.'s Beneish M-score for fiscal 2025 is −1.61; 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 | −1.61 | 0.80 |
| FY2024 | −2.40 | 0.25 |
| FY2023 | −2.66 | (0.13) |
| FY2022 | −2.53 | (0.09) |
| FY2021 | −2.45 | 0.34 |
| FY2020 | −2.79 | (0.53) |
| FY2019 | −2.26 | 0.49 |
| FY2018 | −2.75 | (0.16) |
| FY2017 | −2.59 | (0.46) |
| FY2016 | −2.14 | 0.88 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.17 | — | 1.08 | |
| Gross margin index | 1.26 | — | 0.66 | |
| Asset quality index | 1.56 | — | 0.63 | |
| Sales growth index | 1.48 | — | 1.32 | |
| Depreciation index | 0.67 | — | 0.08 | |
| SG&A index | 0.83 | — | −0.14 | |
| Total accruals to total assets | 0.00 | — | 0.00 | |
| Leverage index | 1.20 | — | −0.39 | |
| Beneish M-score | Flagged by the model | −1.61 | ||
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 |
|---|---|
| HLIT Harmonic Inc. compare | −3.7× |
| TSAT Telesat Corporation compare | −3.6× |
| ADTN ADTRAN Holdings, Inc. compare | −3.0× |
| LTRX Lantronix, Inc. compare | −2.9× |
| CLFD Clearfield, Inc. compare | −2.8× |
| FEIM Frequency Electronics, Inc. compare | −2.5× |
| NTGR NETGEAR, Inc. compare | −2.5× |
| VISN Vistance Networks, Inc. compare | −2.2× |
| GILT Gilat Satellite Networks Ltd. | −1.6× |
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