Kopin Corporation
KOPN Technology Electronic Components
In the quarter to June 2026, revenue grew 50.6%, EPS grew 114.7% and free cash flow fell 66.4%, each against the same quarter a year earlier.
Follow KOPN
Kopin Corporation (KOPN) Beneish M-score
Kopin Corporation's Beneish M-score for fiscal 2025 is −0.86; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.86 | 3.89 |
| FY2024 | −4.75 | (1.83) |
| FY2023 | −2.92 | (0.52) |
| FY2022 | −2.40 | 0.11 |
| FY2021 | −2.51 | (0.41) |
| FY2020 | −2.10 | 0.96 |
| FY2019 | −3.05 | (0.51) |
| FY2018 | −2.54 | (2.55) |
| FY2017 | 0.02 | 2.02 |
| FY2016 | −2.01 | 1.17 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.70 | — | 1.57 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 1.57 | — | 0.63 | |
| Sales growth index | 0.78 | — | 0.70 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | 0.17 | — | 0.78 | |
| Leverage index | 0.50 | — | −0.17 | |
| Beneish M-score | Flagged by the model | −0.86 | ||
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 |
|---|---|
| MEI Methode Electronics, Inc. compare | −2.9× |
| MPTI M-tron Industries, Inc. compare | −2.8× |
| ALNT Allient Inc. compare | −2.7× |
| CTS CTS Corporation compare | −2.6× |
| DAKT Daktronics, Inc. compare | −2.4× |
| LPTH LightPath Technologies, Inc. compare | −2.2× |
| LYTS LSI Industries Inc. compare | −2.1× |
| RELL Richardson Electronics, Ltd. compare | −2.1× |
| KOPN Kopin Corporation | −0.9× |
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