Stride, Inc.
LRN Consumer Defensive Education & Training Services
Stride, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $2.5 billion, up 4.69% from fiscal 2025. In the quarter to June 2026, revenue fell 2.69%, EPS grew 62.2%, free cash flow grew 3.70% and total debt rose 2.94%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three.
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Stride, Inc. (LRN) Beneish M-score
Stride, Inc.'s Beneish M-score for fiscal 2026 is −2.44; 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) |
|---|---|---|
| FY2026 | −2.44 | 0.23 |
| FY2025 | −2.66 | 0.00 |
| FY2024 | −2.66 | (0.06) |
| FY2023 | −2.60 | 0.11 |
| FY2022 | −2.71 | (0.27) |
| FY2021 | −2.44 | (0.08) |
| FY2020 | −2.36 | 0.69 |
| FY2019 | −3.05 | (0.08) |
| FY2018 | −2.97 | (0.02) |
| FY2017 | −2.95 | 0.32 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 1.05 | — | 0.93 | |
| Depreciation index | 1.07 | — | 0.12 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | (0.04) | — | −0.18 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.44 | ||
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 |
|---|---|
| LOPE Grand Canyon Education, Inc. compare | −2.7× |
| CVSA Covista Inc. compare | −2.7× |
| MH McGraw Hill, Inc. compare | −2.6× |
| PRDO Perdoceo Education Corporation compare | −2.6× |
| STRA Strategic Education Inc. compare | −2.5× |
| LRN Stride, Inc. | −2.4× |
| LAUR Laureate Education compare | −2.4× |
| GHC Graham Holdings Company compare | −2.4× |
| TAL TAL Education Group compare | −2.1× |
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