Perfect Corp.
PERF Technology Software Application
Perfect Corp.’s revenue for fiscal 2025 (year ended December 2025) was $69.2 million, up 14.9% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 400.0%, free cash flow fell 73.8% and total debt fell 36.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
Follow PERF
Perfect Corp. (PERF) Beneish M-score
Perfect Corp.'s Beneish M-score for fiscal 2025 is −0.63; 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 | −0.63 | 1.54 |
| FY2024 | −2.17 | 0.16 |
| FY2023 | −2.32 | 3.20 |
| FY2022 | −5.53 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.81 | — | 0.75 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 6.24 | — | 2.52 | |
| Sales growth index | 1.15 | — | 1.02 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 0.90 | — | −0.15 | |
| Total accruals to total assets | (0.05) | — | −0.21 | |
| Leverage index | 1.11 | — | −0.36 | |
| Beneish M-score | Flagged by the model | −0.63 | ||
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 |
|---|---|
| DMRC Digimarc Corporation compare | −4.2× |
| EXFY Expensify, Inc. compare | −3.7× |
| DHX DHI Group, Inc. compare | −3.5× |
| SMRT SmartRent, Inc. compare | −3.2× |
| KLTR Kaltura, Inc. compare | −3.2× |
| ASUR Asure Software, Inc. compare | −2.9× |
| SVCO Silvaco Group, Inc. compare | −2.2× |
| PERF Perfect Corp. | −0.6× |
| DUOT Duos Technologies Group, Inc. compare | 3.1× |
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