Hudson Technologies, Inc.
HDSN Basic Materials Specialty Chemicals
Hudson Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $246.6 million, up 4.00% from fiscal 2024. In the quarter to June 2026, revenue grew 7.54%, EPS fell 47.8% and free cash flow grew 5.45%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Hudson Technologies, Inc. (HDSN) Beneish M-score
Hudson Technologies, Inc.'s Beneish M-score for fiscal 2025 is −2.13; 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 | −2.13 | 1.45 |
| FY2024 | −3.58 | (1.71) |
| FY2023 | −1.87 | (0.58) |
| FY2022 | −1.28 | 0.32 |
| FY2021 | −1.61 | 1.38 |
| FY2020 | −2.99 | 2.06 |
| FY2019 | −5.05 | (4.90) |
| FY2017 | −0.15 | 2.17 |
| FY2016 | −2.32 | (0.22) |
| FY2015 | −2.10 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.11 | — | 1.02 | |
| Gross margin index | 1.10 | — | 0.58 | |
| Asset quality index | 0.93 | — | 0.38 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 1.13 | — | 0.13 | |
| SG&A index | 1.17 | — | −0.20 | |
| Total accruals to total assets | 0.06 | — | 0.29 | |
| Leverage index | 1.28 | — | −0.42 | |
| Beneish M-score | Elevated | −2.13 | ||
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 |
|---|---|
| OEC Orion S.A. compare | −3.2× |
| ALTO Alto Ingredients, Inc. compare | −2.8× |
| MNTK Montauk Renewables, Inc. compare | −2.8× |
| CMT Core Molding Technologies Inc compare | −2.4× |
| HDSN Hudson Technologies, Inc. | −2.1× |
| GEVO Gevo, Inc. compare | 4.0× |
| AMTX Aemetis, Inc compare | — |
| FF FutureFuel Corp. compare | — |
| FEAM 5E Advanced Materials, Inc. 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