Liquidity Services, Inc.
LQDT Consumer Cyclical Internet Retail
Liquidity Services, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $476.7 million, up 31.2% from fiscal 2024. In the quarter to June 2026, revenue grew 8.09%, EPS grew 37.5% and free cash flow grew 71.3%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Liquidity Services, Inc. (LQDT) Beneish M-score
Liquidity Services, Inc.'s Beneish M-score for fiscal 2025 is −2.80; 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 | −2.80 | 0.00 |
| FY2024 | −2.81 | 0.37 |
| FY2023 | −3.18 | (1.53) |
| FY2022 | −1.65 | 1.07 |
| FY2021 | −2.71 | 0.43 |
| FY2020 | −3.15 | (0.69) |
| FY2019 | −2.46 | 0.80 |
| FY2018 | −3.26 | (0.97) |
| FY2017 | −2.29 | 3.01 |
| FY2016 | −5.30 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.74 | — | 0.68 | |
| Gross margin index | 1.16 | — | 0.61 | |
| Asset quality index | 0.94 | — | 0.38 | |
| Sales growth index | 1.31 | — | 1.17 | |
| Depreciation index | 1.11 | — | 0.13 | |
| SG&A index | 0.83 | — | −0.14 | |
| Total accruals to total assets | (0.10) | — | −0.48 | |
| Leverage index | 0.96 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.80 | ||
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 |
|---|---|
| HEPS D-MARKET Electronic Services & Trading Unsponsored ADR compare | −4.6× |
| TDUP ThredUp Inc. compare | −3.5× |
| JMIA Jumia Technologies compare | −3.3× |
| OZON Ozon Holdings PLC Sponsored ADR compare | −3.0× |
| GLBE Global-e Online Ltd. compare | −2.9× |
| LQDT Liquidity Services, Inc. | −2.8× |
| VIPS Vipshop Holdings Limited compare | −2.5× |
| RVLV Revolve Group, Inc. compare | −2.0× |
| RERE ATRenew Inc. Sponsored ADR compare | −0.5× |
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