stockrowMDA Space Ltd.
MDA Industrials Aerospace & Defense
MDA Space Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 48.3% from fiscal 2024.
- Revenue
- +33.4%
- EPS
- −12.3%
- Free cash flow
- −1,555.8%
- Total debt
- −3.38%
Quarter to June 2026, against a year earlier
Follow MDA
Alert me
MDA Space Ltd. (MDA) Beneish M-score
MDA Space Ltd.'s Beneish M-score for fiscal 2025 is −2.75; 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 | −2.75 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.67 | — | 0.62 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 1.10 | — | 0.44 | |
| Sales growth index | 1.48 | — | 1.32 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.09) | — | −0.42 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.75 | ||
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 |
|---|---|
| PL Planet Labs PBC compare | −4.6× |
| MRCY Mercury Systems Inc compare | −2.8× |
| MDA MDA Space Ltd. | −2.7× |
| MOG.B Moog Inc. compare | −2.4× |
| BETA BETA Technologies, Inc. compare | −2.3× |
| AIR AAR Corp. compare | −2.2× |
| VSEC VSE Corporation compare | −2.0× |
| KRMN Karman Holdings Inc. compare | −1.9× |
| DPC DPC Holdings PLC compare | — |
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