RF Industries, Ltd.
RFIL Industrials Electrical Equipment & Parts
RF Industries, Ltd.’s revenue for fiscal 2025 (year ended October 2025) was $80.6 million, up 24.3% from fiscal 2024. In the quarter to July 2026, revenue grew 21.1%, EPS grew 225.0%, free cash flow grew 453.3% and total debt fell 27.0%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
Follow RFIL
RF Industries, Ltd. (RFIL) Beneish M-score
RF Industries, Ltd.'s Beneish M-score for fiscal 2025 is −2.71; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.71 | 0.22 |
| FY2024 | −2.93 | 0.14 |
| FY2023 | −3.07 | (1.20) |
| FY2022 | −1.87 | (1.12) |
| FY2021 | −0.75 | 2.29 |
| FY2020 | −3.03 | (2.89) |
| FY2019 | −0.14 | 1.88 |
| FY2018 | −2.02 | 0.99 |
| FY2017 | −3.01 | (0.05) |
| FY2016 | −2.96 | (1.50) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.91 | |
| Gross margin index | 0.88 | — | 0.46 | |
| Asset quality index | 0.89 | — | 0.36 | |
| Sales growth index | 1.24 | — | 1.11 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.06) | — | −0.29 | |
| Leverage index | 1.12 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.71 | ||
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 |
|---|---|
| SKYX SKYX Platforms Corp. compare | −4.4× |
| NVX NOVONIX Limited Sponsored ADR compare | −4.0× |
| ULBI Ultralife Corporation compare | −2.8× |
| RFIL RF Industries, Ltd. | −2.7× |
| NEOV NeoVolta, Inc. compare | −2.7× |
| OESX Orion Energy Systems, Inc. compare | −2.4× |
| TGEN Tecogen Inc. compare | −2.4× |
| CBAT China BAK Battery, Inc. compare | −2.3× |
| STI Solidion Technology 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