Freightcar America, Inc.
RAIL Industrials Railroads
Freightcar America, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $501.0 million, down 10.4% from fiscal 2024. In the quarter to June 2026, revenue fell 4.62%, EPS fell 361.1%, free cash flow grew 33.4% and total debt fell 32.4%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Freightcar America, Inc. (RAIL) Beneish M-score
Freightcar America, Inc.'s Beneish M-score for fiscal 2025 is −2.08; 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 | −2.08 | 2.40 |
| FY2024 | −4.47 | (0.97) |
| FY2023 | −3.50 | 0.27 |
| FY2022 | −3.77 | (1.30) |
| FY2021 | −2.47 | (3.24) |
| FY2017 | 0.77 | 2.87 |
| FY2016 | −2.10 | (7.00) |
| FY2015 | 4.90 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.27 | — | 1.16 | |
| Gross margin index | 0.82 | — | 0.43 | |
| Asset quality index | 1.56 | — | 0.63 | |
| Sales growth index | 0.90 | — | 0.80 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 1.33 | — | −0.23 | |
| Total accruals to total assets | 0.01 | — | 0.05 | |
| Leverage index | 0.61 | — | −0.20 | |
| Beneish M-score | Elevated | −2.08 | ||
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 |
|---|---|
| RVSN Rail Vision Ltd. compare | −3.4× |
| NSC Norfolk Southern Corporation compare | −2.6× |
| FSTR L.B. Foster Company compare | −2.6× |
| GBX Greenbrier Companies, Inc. (The) compare | −2.6× |
| CP Canadian Pacific Kansas City Limited compare | −2.6× |
| WAB Wabtec compare | −2.6× |
| TRN Trinity Industries, Inc. compare | −2.4× |
| RAIL Freightcar America, Inc. | −2.1× |
| SWVL Swvl Holdings Corp. compare | −1.0× |
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