QuinStreet, Inc.
QNST Communication Services Advertising Agencies
QuinStreet, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $1.3 billion, up 18.3% from fiscal 2025. In the quarter to June 2026, revenue grew 42.7%, EPS grew 450.0% and free cash flow grew 84.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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QuinStreet, Inc. (QNST) Beneish M-score
QuinStreet, Inc.'s Beneish M-score for fiscal 2026 is −2.47; 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) |
|---|---|---|
| FY2026 | −2.47 | 0.71 |
| FY2025 | −3.19 | (0.67) |
| FY2024 | −2.51 | 1.21 |
| FY2023 | −3.72 | (1.00) |
| FY2022 | −2.72 | (0.23) |
| FY2021 | −2.49 | 0.39 |
| FY2020 | −2.88 | (1.12) |
| FY2019 | −1.76 | 0.68 |
| FY2018 | −2.44 | 0.94 |
| FY2017 | −3.38 | (0.55) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 0.90 | — | 0.47 | |
| Asset quality index | 1.37 | — | 0.56 | |
| Sales growth index | 1.18 | — | 1.06 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 0.87 | — | −0.15 | |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 1.21 | — | −0.40 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.47 | ||
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 |
|---|---|
| QUOT Quotient Technology Inc. compare | −3.7× |
| EVC Entravision Communications Corporation compare | −3.1× |
| NEXN Nexxen International Ltd. Sponsored ADR compare | −3.1× |
| DV DoubleVerify Holdings, Inc. compare | −3.1× |
| ADV Advantage Solutions Inc. compare | −3.0× |
| CRTO Criteo S.A. compare | −3.0× |
| ZD Ziff Davis, Inc. compare | −3.0× |
| STGW Stagwell Inc. compare | −2.7× |
| QNST QuinStreet, Inc. | −2.5× |
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