RPM International Inc.
RPM Basic Materials Specialty Chemicals
RPM International Inc.’s revenue for fiscal 2026 (year ended May 2026) was $7.9 billion, up 6.66% from fiscal 2025. In the quarter to August 2026, revenue grew 4.82%, EPS grew 13.8%, free cash flow grew 33.1% and total debt fell 9.85%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five.
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RPM International Inc. (RPM) Beneish M-score
RPM International Inc.'s Beneish M-score for fiscal 2026 is −2.51; 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 | −2.51 | (0.08) |
| FY2025 | −2.43 | 0.46 |
| FY2024 | −2.89 | (0.35) |
| FY2023 | −2.54 | (0.40) |
| FY2022 | −2.14 | 0.41 |
| FY2021 | −2.56 | 0.16 |
| FY2020 | −2.72 | (0.29) |
| FY2019 | −2.43 | (0.24) |
| FY2018 | −2.19 | 0.58 |
| FY2017 | −2.77 | (0.14) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.03 | — | 0.95 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.03) | — | −0.13 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.51 | ||
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 |
|---|---|
| ALB Albemarle Corporation compare | −3.7× |
| SOLS Solstice Advanced Materials Inc. compare | −3.2× |
| NEU NewMarket Corporation compare | −2.5× |
| SSL Sasol Ltd. compare | −2.5× |
| RPM RPM International Inc. | −2.5× |
| WLK Westlake Corporation compare | −2.4× |
| ESI Element Solutions Inc. compare | −2.4× |
| SQM Sociedad Quimica y Minera S.A. compare | −2.1× |
| DD DuPont de Nemours, Inc. compare | −2.1× |
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