Preformed Line Products Company
PLPC Industrials Electrical Equipment & Parts
Preformed Line Products Company’s revenue for fiscal 2025 (year ended December 2025) was $669.3 million, up 12.7% from fiscal 2024. In the quarter to June 2026, revenue grew 25.4%, EPS grew 74.8%, free cash flow fell 1.41% and total debt rose 28.9%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Preformed Line Products Company (PLPC) Beneish M-score
Preformed Line Products Company's Beneish M-score for fiscal 2025 is −2.74; 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 | −2.74 | (0.13) |
| FY2024 | −2.61 | 0.26 |
| FY2023 | −2.87 | (0.72) |
| FY2022 | −2.15 | 0.31 |
| FY2021 | −2.45 | 0.08 |
| FY2020 | −2.53 | (0.29) |
| FY2019 | −2.23 | 0.21 |
| FY2018 | −2.44 | 0.16 |
| FY2017 | −2.60 | 0.19 |
| FY2016 | −2.79 | (0.14) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.90 | — | 0.83 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 0.94 | — | 0.38 | |
| Sales growth index | 1.13 | — | 1.01 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.06) | — | −0.27 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.74 | ||
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 |
|---|---|
| AMPX Amprius Technologies, Inc. compare | −4.8× |
| ATKR Atkore Inc. compare | −3.1× |
| PLPC Preformed Line Products Company | −2.7× |
| HAYW Hayward Holdings, Inc. compare | −2.7× |
| ENR Energizer Holdings, Inc. compare | −2.5× |
| TE T1 Energy Inc compare | 226× |
| EOSE Eos Energy Enterprises, Inc. compare | — |
| FCEL FuelCell Energy, Inc. compare | — |
| PLUG Plug Power, 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