OpenWorld, Inc.
OPNW Industrials Security & Protection Services
OpenWorld, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.4 million, down 32.3% from fiscal 2024. In the quarter to June 2026, revenue fell 57.8%, EPS fell 64.2%, free cash flow fell 176.7% and total debt was flat, each against the same quarter a year earlier.
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OpenWorld, Inc. (OPNW) Beneish M-score
OpenWorld, Inc.'s Beneish M-score for fiscal 2025 is −5.26; 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 | −5.26 | (1.21) |
| FY2024 | −4.04 | (0.72) |
| FY2023 | −3.32 | (12.95) |
| FY2022 | 9.62 | 1.53 |
| FY2021 | 8.09 | 12.92 |
| FY2020 | −4.83 | 1.58 |
| FY2019 | −6.42 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.48 | — | 0.44 | |
| Gross margin index | 0.93 | — | 0.49 | |
| Asset quality index | 0.68 | — | 0.27 | |
| Sales growth index | 0.68 | — | 0.60 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 1.24 | — | −0.21 | |
| Total accruals to total assets | (0.42) | — | −1.98 | |
| Leverage index | 0.44 | — | −0.14 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −5.26 | ||
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 |
|---|---|
| OPNW OpenWorld, Inc. | −5.3× |
| IVDA Iveda Solutions, Inc. compare | −3.6× |
| BKYI BIO-key International Inc. compare | −3.3× |
| GFAI Guardforce AI Co., Limited compare | −2.9× |
| BAER Bridger Aerospace Group Holdings, Inc. compare | −2.7× |
| SNT Senstar Technologies Ltd. compare | −2.3× |
| SUGP SU Group Holdings Limited compare | −1.9× |
| SPCB SuperCom, Ltd. compare | −1.5× |
| KSCP Knightscope, Inc. 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