stockrowMatthews International Corporation
MATW Industrials Conglomerates
Matthews International Corporation’s revenue for fiscal 2025 (year ended September 2025) was $1.5 billion, down 16.6% from fiscal 2024.
- Revenue
- −29.6%
- EPS
- −253.1%
- Free cash flow
- +73.7%
- Total debt
- −19.3%
Quarter to June 2026, against a year earlier
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Matthews International Corporation (MATW) Beneish M-score
Matthews International Corporation's Beneish M-score for fiscal 2025 is −2.86; 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 | −2.86 | 0.00 |
| FY2024 | −2.86 | (0.22) |
| FY2023 | −2.64 | 0.66 |
| FY2022 | −3.30 | (0.49) |
| FY2021 | −2.81 | 0.35 |
| FY2020 | −3.16 | (0.25) |
| FY2019 | −2.90 | (0.40) |
| FY2018 | −2.50 | 0.04 |
| FY2017 | −2.54 | 0.06 |
| FY2016 | −2.61 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.77 | — | 0.71 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 1.11 | — | 0.45 | |
| Sales growth index | 0.83 | — | 0.74 | |
| Depreciation index | 1.05 | — | 0.12 | |
| SG&A index | 1.15 | — | −0.20 | |
| Total accruals to total assets | 0.00 | — | −0.00 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.86 | ||
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 |
|---|---|
| NNBR NN, Inc. compare | −2.9× |
| MATW Matthews International Corporation | −2.9× |
| TRC Tejon Ranch Co compare | −2.8× |
| DLX Deluxe Corporation compare | −2.7× |
| BOC Boston Omaha Corporation compare | −2.6× |
| CODI Compass Diversified Holdings compare | −2.4× |
| CRESY Cresud S.A.C.I.F. y A. compare | −2.3× |
| FIP FTAI Infrastructure Inc. compare | −1.9× |
| FBYD Falcon's Beyond Global, Inc. compare | 1.1× |
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