Globant S.A.
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Globant S.A.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 1.62% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 180.0%, free cash flow grew 476.2% and total debt fell 1.71%, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.
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Globant S.A. (GLOB) Beneish M-score
Globant S.A.'s Beneish M-score for fiscal 2025 is −2.79; 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 | −2.79 | (0.39) |
| FY2024 | −2.40 | 0.27 |
| FY2023 | −2.67 | (0.50) |
| FY2022 | −2.16 | 0.11 |
| FY2021 | −2.27 | (0.04) |
| FY2020 | −2.23 | 0.13 |
| FY2019 | −2.37 | 0.01 |
| FY2018 | −2.37 | (0.06) |
| FY2017 | −2.31 | (0.07) |
| FY2016 | −2.24 | (1.14) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.91 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 0.89 | — | 0.10 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.06) | — | −0.28 | |
| Leverage index | 1.10 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.79 | ||
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 |
|---|---|
| CNXC Concentrix Corporation compare | −3.4× |
| FORTY Formula Systems (1985) Ltd. compare | −2.9× |
| DXC DXC Technology Company. compare | −2.9× |
| GLOB Globant S.A. | −2.8× |
| EFOR Everforth Inc. compare | −2.7× |
| INOD Innodata Inc compare | −2.4× |
| PONY Pony AI Inc. - Sponsored ADR compare | −1.7× |
| MGRT Mega Fortune Company Limited compare | 3.5× |
| KEEL Keel Infrastructure Corp 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