Kforce, Inc.
KFRC Industrials Staffing & Employment Services
Kforce, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, down 5.43% from fiscal 2024. In the quarter to June 2026, revenue grew 4.49%, EPS grew 23.7%, free cash flow fell 145.9% and total debt rose 53.0%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Kforce, Inc. (KFRC) Beneish M-score
Kforce, Inc.'s Beneish M-score for fiscal 2025 is −2.92; 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 | −2.92 | 0.04 |
| FY2024 | −2.96 | (0.02) |
| FY2023 | −2.94 | (0.42) |
| FY2022 | −2.53 | (0.10) |
| FY2021 | −2.43 | 0.59 |
| FY2020 | −3.01 | (0.50) |
| FY2019 | −2.52 | 0.44 |
| FY2018 | −2.96 | (0.60) |
| FY2017 | −2.35 | 0.19 |
| FY2016 | −2.55 | 0.32 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.93 | — | 0.86 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.23 | — | 0.50 | |
| Sales growth index | 0.95 | — | 0.84 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 1.21 | — | −0.40 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.92 | ||
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 |
|---|---|
| KELYA Kelly Services, Inc. compare | −3.4× |
| KELYB Kelly Services, Inc. compare | −3.4× |
| HHR HeadHunter Group PLC Sponsored ADR compare | −3.2× |
| KFRC Kforce, Inc. | −2.9× |
| TNET TriNet Group, Inc. compare | −2.8× |
| BBSI Barrett Business Services, Inc. compare | −2.5× |
| MAN ManpowerGroup Inc. compare | −2.4× |
| TBI TrueBlue, Inc. compare | −2.3× |
| NSP Insperity, Inc. compare | −1.7× |
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