Hexcel Corporation
HXL Industrials Aerospace & Defense
Hexcel Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, roughly unchanged from fiscal 2024. In the quarter to June 2026, revenue grew 8.04%, EPS grew 282.4%, free cash flow grew 625.0% and total debt rose 16.2%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Hexcel Corporation (HXL) Beneish M-score
Hexcel Corporation's Beneish M-score for fiscal 2025 is −2.54; 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 | −2.54 | 0.35 |
| FY2024 | −2.89 | (0.14) |
| FY2023 | −2.75 | (0.44) |
| FY2022 | −2.31 | 0.25 |
| FY2021 | −2.56 | 0.31 |
| FY2020 | −2.87 | (0.23) |
| FY2019 | −2.64 | 0.04 |
| FY2018 | −2.68 | (0.12) |
| FY2017 | −2.56 | 0.08 |
| FY2016 | −2.64 | 0.02 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.18 | — | 1.09 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 1.05 | — | 0.42 | |
| Sales growth index | 1.00 | — | 0.89 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 0.96 | — | −0.17 | |
| Total accruals to total assets | (0.04) | — | −0.21 | |
| Leverage index | 1.26 | — | −0.41 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.54 | ||
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 |
|---|---|
| PL Planet Labs PBC compare | −4.6× |
| MRCY Mercury Systems Inc compare | −2.8× |
| HXL Hexcel Corporation | −2.5× |
| LOAR Loar Holdings Inc. compare | −2.5× |
| SARO StandardAero, Inc. compare | −2.4× |
| DRS Leonardo DRS, Inc. compare | −2.3× |
| VSEC VSE Corporation compare | −2.0× |
| KTOS Kratos Defense & Security Solutions, Inc. compare | −1.9× |
| AVAV AeroVironment, Inc. compare | −1.0× |
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