GoPro, Inc.
GPRO Technology Consumer Electronics
GoPro, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $651.5 million, down 18.7% from fiscal 2024. In the quarter to June 2026, revenue fell 31.3%, EPS fell 200.0%, free cash flow fell 242.7% and total debt fell 31.4%, each against the same quarter a year earlier.
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GoPro, Inc. (GPRO) Beneish M-score
GoPro, Inc.'s Beneish M-score for fiscal 2025 is −3.14; 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 | −3.14 | 2.40 |
| FY2024 | −5.54 | (3.28) |
| FY2023 | −2.26 | 0.28 |
| FY2022 | −2.54 | (0.95) |
| FY2021 | −1.59 | 2.44 |
| FY2020 | −4.03 | (2.12) |
| FY2019 | −1.91 | 0.87 |
| FY2018 | −2.78 | 0.78 |
| FY2017 | −3.56 | 0.37 |
| FY2016 | −3.93 | (1.69) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.34 | — | 1.23 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.10 | — | 0.44 | |
| Sales growth index | 0.81 | — | 0.73 | |
| Depreciation index | 0.78 | — | 0.09 | |
| SG&A index | 0.88 | — | −0.15 | |
| Total accruals to total assets | (0.17) | — | −0.80 | |
| Leverage index | 1.15 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.14 | ||
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 |
|---|---|
| UEIC Universal Electronics Inc. compare | −3.4× |
| SONO Sonos, Inc. compare | −3.1× |
| GPRO GoPro, Inc. | −3.1× |
| TBCH Turtle Beach Corporation compare | −3.0× |
| KOSS Koss Corporation compare | −2.7× |
| ZEPP Zepp Health Corporation Sponsored ADR compare | −2.5× |
| AXIL AXIL Brands, Inc. compare | 1.0× |
| FXHO UTime Limited compare | 77.2× |
| VUZI Vuzix 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