Rapid7, Inc.
RPD Technology Software Infrastructure
Rapid7, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $859.8 million, up 1.87% from fiscal 2024. In the quarter to June 2026, revenue fell 1.55%, EPS fell 30.8%, free cash flow fell 24.5% and total debt fell 66.7%, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.
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Rapid7, Inc. (RPD) Beneish M-score
Rapid7, Inc.'s Beneish M-score for fiscal 2025 is −2.78; 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 | −2.78 | 0.09 |
| FY2024 | −2.87 | 0.37 |
| FY2023 | −3.24 | (0.11) |
| FY2022 | −3.13 | (0.34) |
| FY2021 | −2.79 | (0.02) |
| FY2020 | −2.77 | (0.21) |
| FY2019 | −2.56 | 0.43 |
| FY2018 | −2.99 | 0.12 |
| FY2017 | −3.12 | 0.30 |
| FY2016 | −3.42 | (1.35) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.97 | — | 0.90 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.10 | — | 0.44 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.08) | — | −0.35 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.78 | ||
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 |
|---|---|
| RXT Rackspace Technology, Inc. compare | −3.1× |
| RPD Rapid7, Inc. | −2.8× |
| SABR Sabre Corporation compare | −2.6× |
| PAYS Paysign, Inc. compare | −2.3× |
| TUYA Tuya Inc. Sponsored ADR compare | −1.9× |
| RZLV Rezolve AI PLC compare | 19.7× |
| XNDU Xanadu Quantum Technologies Limited compare | — |
| AEVA Aeva Technologies, Inc. compare | — |
| HQ Horizon Quantum Holdings Ltd. 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