Rentokil Initial PLC
RTO Industrials Specialty Business Services
Rentokil Initial PLC’s revenue for fiscal 2025 (year ended December 2025) was $6.9 billion, up 4.40% from fiscal 2024.
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Rentokil Initial PLC (RTO) Beneish M-score
Rentokil Initial PLC's Beneish M-score for fiscal 2025 is −2.69; 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 | −2.69 | (0.17) |
| FY2024 | −2.52 | 0.07 |
| FY2023 | −2.59 | (0.59) |
| FY2022 | −2.00 | 0.58 |
| FY2021 | −2.58 | 0.35 |
| FY2020 | −2.93 | (0.21) |
| FY2019 | −2.72 | 0.27 |
| FY2018 | −2.99 | (1.15) |
| FY2017 | −1.84 | 0.98 |
| FY2016 | −2.81 | (0.12) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.88 | |
| Gross margin index | 1.13 | — | 0.60 | |
| Asset quality index | 0.93 | — | 0.38 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 0.91 | — | 0.11 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.05) | — | −0.22 | |
| Leverage index | 1.08 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.69 | ||
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 |
|---|---|
| DLB Dolby Laboratories compare | −2.8× |
| ULS UL Solutions Inc. compare | −2.8× |
| UNF Unifirst Corporation compare | −2.7× |
| AZZ AZZ Inc. compare | −2.7× |
| RTO Rentokil Initial PLC | −2.7× |
| ARMK Aramark compare | −2.6× |
| AMTM Amentum Holdings, Inc. compare | −2.5× |
| CPRT Copart, Inc. compare | −2.4× |
| FA First Advantage Corporation compare | −2.3× |
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