RTB Digital, Inc.
RTB Technology Software Application
In the quarter to June 2026, revenue grew 350.3%, EPS fell 3,412.8%, free cash flow fell 123.9% and total debt rose 146.2%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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RTB Digital, Inc. (RTB) Beneish M-score
RTB Digital, Inc.'s Beneish M-score for fiscal 2025 is 0.05; 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 | 0.05 | 2.25 |
| FY2024 | −2.21 | 2.88 |
| FY2023 | −5.09 | (2.53) |
| FY2022 | −2.56 | (3.36) |
| FY2021 | 0.80 | 5.05 |
| FY2020 | −4.24 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.69 | — | 1.55 | |
| Gross margin index | 0.85 | — | 0.45 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 0.61 | — | 0.55 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 2.40 | — | −0.41 | |
| Total accruals to total assets | 0.53 | — | 2.50 | |
| Leverage index | 0.82 | — | −0.27 | |
| Beneish M-score | Flagged by the model | 0.05 | ||
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 |
|---|---|
| NRDY Nerdy Inc. compare | −5.5× |
| AEYE Audioeye, Inc. compare | −3.6× |
| SSTI SoundThinking, Inc. compare | −3.0× |
| AIB AIB Data Centers Inc. compare | −2.6× |
| RAAS Cloopen Group Holding Limited Sponsored ADR compare | −2.1× |
| RDZN Roadzen Inc. compare | −0.6× |
| RYDE Ryde Group Ltd. compare | 0.0× |
| RTB RTB Digital, Inc. | 0.0× |
| BVC BitVentures Limited 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