Inspired Entertainment, Inc.
INSE Consumer Cyclical Gambling
Inspired Entertainment, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $304.1 million, up 2.36% from fiscal 2024. In the quarter to June 2026, revenue fell 24.3%, EPS grew 102.6%, free cash flow fell 193.3% and total debt fell 9.92%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Inspired Entertainment, Inc. (INSE) Beneish M-score
Inspired Entertainment, Inc.'s Beneish M-score for fiscal 2025 is −3.47; 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 | −3.47 | (1.97) |
| FY2024 | −1.50 | 1.49 |
| FY2023 | −2.99 | (0.65) |
| FY2022 | −2.33 | 0.73 |
| FY2021 | −3.06 | 0.75 |
| FY2020 | −3.81 | 0.00 |
| FY2019 | −3.81 | (0.36) |
| FY2017 | −3.45 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.72 | — | 0.67 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 0.96 | — | −0.16 | |
| Total accruals to total assets | (0.16) | — | −0.73 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.47 | ||
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 |
|---|---|
| MRDN Meridian Holdings, Inc. compare | −7.4× |
| BRAG Bragg Gaming Group Inc. compare | −3.7× |
| INSE Inspired Entertainment, Inc. | −3.5× |
| CDRO Codere Online Luxembourg, S.A. compare | −3.4× |
| GRSD Grandstand Limited compare | −3.2× |
| ACEL Accel Entertainment, Inc. compare | −2.2× |
| BRSL Brightstar Lottery compare | −1.9× |
| SEGG Sports Entertainment Gaming Global Corporation compare | — |
| ROLR HIGH ROLLER TEC 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