Orion Energy Systems, Inc.
OESX Industrials Electrical Equipment & Parts
Orion Energy Systems, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $86.3 million, up 8.26% from fiscal 2025. In the quarter to June 2026, revenue grew 31.5%, EPS grew 220.0%, free cash flow grew 336.1% and total debt fell 23.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow OESX
Orion Energy Systems, Inc. (OESX) Beneish M-score
Orion Energy Systems, Inc.'s Beneish M-score for fiscal 2026 is −2.42; 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) |
|---|---|---|
| FY2026 | −2.42 | 1.33 |
| FY2025 | −3.75 | (1.23) |
| FY2024 | −2.51 | 2.48 |
| FY2023 | −5.00 | (2.84) |
| FY2022 | −2.16 | (2.59) |
| FY2021 | 0.43 | 2.56 |
| FY2020 | −2.13 | (0.35) |
| FY2019 | −1.79 | 1.70 |
| FY2018 | −3.48 | 0.01 |
| FY2017 | −3.49 | 1.35 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.30 | — | 1.19 | |
| Gross margin index | 0.78 | — | 0.41 | |
| Asset quality index | 0.89 | — | 0.36 | |
| Sales growth index | 1.08 | — | 0.97 | |
| Depreciation index | 1.09 | — | 0.13 | |
| SG&A index | 0.90 | — | −0.15 | |
| Total accruals to total assets | (0.04) | — | −0.19 | |
| Leverage index | 0.89 | — | −0.29 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.42 | ||
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 |
|---|---|
| SKYX SKYX Platforms Corp. compare | −4.4× |
| NVX NOVONIX Limited Sponsored ADR compare | −4.0× |
| ULBI Ultralife Corporation compare | −2.8× |
| RFIL RF Industries, Ltd. compare | −2.7× |
| NEOV NeoVolta, Inc. compare | −2.7× |
| OESX Orion Energy Systems, Inc. | −2.4× |
| TGEN Tecogen Inc. compare | −2.4× |
| CBAT China BAK Battery, Inc. compare | −2.3× |
| ESP Espey Mfg. & Electronics Corp. compare | −2.2× |
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