Recon Technology, Ltd.
RCON Energy Oil & Gas Equipment & Services
Recon Technology, Ltd.’s revenue for fiscal 2026 (year ended June 2026) was $16.2 million, up 75.0% from fiscal 2025.
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Recon Technology, Ltd. (RCON) Beneish M-score
Recon Technology, Ltd.'s Beneish M-score for fiscal 2026 is −1.37; 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 | −1.37 | (1.11) |
| FY2025 | −0.26 | (1.25) |
| FY2024 | 0.99 | 3.99 |
| FY2023 | −3.01 | (1.70) |
| FY2022 | −1.30 | 1.31 |
| FY2021 | −2.61 | 0.26 |
| FY2020 | −2.87 | (1.79) |
| FY2019 | −1.08 | (0.07) |
| FY2018 | −1.00 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.86 | — | 0.79 | |
| Gross margin index | 0.69 | — | 0.37 | |
| Asset quality index | 2.16 | — | 0.87 | |
| Sales growth index | 1.75 | — | 1.56 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 0.62 | — | −0.11 | |
| Total accruals to total assets | 0.04 | — | 0.20 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Flagged by the model | −1.37 | ||
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 |
|---|---|
| ENSV ENSERVCO Corporation compare | −5.0× |
| DWSN Dawson Geophysical Company compare | −4.3× |
| STAK STAK Inc. compare | −3.5× |
| KLXE KLX Energy Services Holdings, Inc. compare | −3.4× |
| DTI Drilling Tools International Corp. compare | −3.0× |
| OMSE OMS Energy Technologies Inc. compare | −2.6× |
| LSE Leishen Energy Holding Co., Ltd. compare | −2.0× |
| GEOS Geospace Technologies Corporation compare | −1.7× |
| RCON Recon Technology, Ltd. | −1.4× |
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