Retractable Technologies, Inc.
RVP Healthcare Medical Instruments & Supplies
Retractable Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $38.3 million, up 15.8% from fiscal 2024. In the quarter to June 2026, revenue fell 31.1%, EPS was flat, free cash flow grew 56.7% and total debt fell 32.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Retractable Technologies, Inc. (RVP) Beneish M-score
Retractable Technologies, Inc.'s Beneish M-score for fiscal 2025 is −15.44; 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 | −15.44 | (13.13) |
| FY2023 | −2.31 | 0.98 |
| FY2022 | −3.29 | (2.66) |
| FY2021 | −0.64 | (4.63) |
| FY2020 | 3.99 | 6.26 |
| FY2019 | −2.27 | 0.12 |
| FY2018 | −2.39 | (7.73) |
| FY2017 | 5.34 | 8.56 |
| FY2016 | −3.22 | (1.19) |
| FY2015 | −2.03 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.81 | — | 0.74 | |
| Gross margin index | (25.33) | — | −13.37 | |
| Asset quality index | 3.99 | — | 1.61 | |
| Sales growth index | 1.16 | — | 1.03 | |
| Depreciation index | 0.89 | — | 0.10 | |
| SG&A index | 0.87 | — | −0.15 | |
| Total accruals to total assets | (0.04) | — | −0.18 | |
| Leverage index | 1.18 | — | −0.39 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −15.44 | ||
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 |
|---|---|
| RVP Retractable Technologies, Inc. | −15.4× |
| HBIO Harvard Bioscience, Inc. compare | −6.5× |
| MLSS Milestone Scientific, Inc. compare | −4.0× |
| NXGL NexGel, Inc. compare | −3.4× |
| BNGO Bionano Genomics, Inc. compare | −3.4× |
| NEPH Nephros Inc. compare | −2.6× |
| FEMY Femasys Inc. compare | −2.2× |
| RGNT Regentis Biomaterials Ltd. compare | — |
| CUPR Cuprina Holdings (Cayman) 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