Richardson Electronics, Ltd.
RELL Technology Electronic Components
Richardson Electronics, Ltd.’s revenue for fiscal 2026 (year ended May 2026) was $228.6 million, up 9.41% from fiscal 2025. In the quarter to August 2026, revenue grew 18.9%, EPS grew 112.4% and free cash flow grew 1,121.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Richardson Electronics, Ltd. (RELL) Beneish M-score
Richardson Electronics, Ltd.'s Beneish M-score for fiscal 2026 is −2.06; 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 | −2.06 | 0.72 |
| FY2025 | −2.78 | (0.05) |
| FY2024 | −2.73 | (1.03) |
| FY2023 | −1.70 | (0.07) |
| FY2022 | −1.63 | 0.73 |
| FY2021 | −2.36 | (0.08) |
| FY2020 | −2.28 | 0.58 |
| FY2019 | −2.86 | (0.30) |
| FY2018 | −2.56 | 0.47 |
| FY2017 | −3.03 | (1.05) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.26 | — | 1.16 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.86 | — | 0.35 | |
| Sales growth index | 1.09 | — | 0.98 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | 0.03 | — | 0.13 | |
| Leverage index | 0.96 | — | −0.31 | |
| Beneish M-score | Elevated | −2.06 | ||
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 |
|---|---|
| OPTX Syntec Optics Holdings, Inc. compare | −3.4× |
| MEI Methode Electronics, Inc. compare | −2.9× |
| MPTI M-tron Industries, Inc. compare | −2.8× |
| DAKT Daktronics, Inc. compare | −2.4× |
| LPTH LightPath Technologies, Inc. compare | −2.2× |
| LYTS LSI Industries Inc. compare | −2.1× |
| RELL Richardson Electronics, Ltd. | −2.1× |
| KOPN Kopin Corporation compare | −0.9× |
| KULR KULR Technology 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