Sangoma Technologies Corporation
SANG Technology Software Infrastructure
Sangoma Technologies Corporation’s revenue for fiscal 2026 (year ended June 2026) was $200.1 million, down 15.5% from fiscal 2025. In the quarter to June 2026, revenue fell 21.2%, EPS fell 34,013.6%, free cash flow fell 61.3% and total debt fell 58.3%, each against the same quarter a year earlier.
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Sangoma Technologies Corporation (SANG) Beneish M-score
Sangoma Technologies Corporation's Beneish M-score for fiscal 2026 is −4.75; 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 | −4.75 | (1.55) |
| FY2025 | −3.20 | 0.07 |
| FY2024 | −3.27 | (0.31) |
| FY2023 | −2.96 | 0.47 |
| FY2022 | −3.42 | (1.12) |
| FY2019 | −2.31 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.00 | — | 0.92 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 0.85 | — | 0.75 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | (0.44) | — | −2.08 | |
| Leverage index | 1.01 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.75 | ||
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 |
|---|---|
| SANG Sangoma Technologies Corporation | −4.7× |
| TCX Tucows Inc. compare | −2.8× |
| EXOD Exodus Movement, Inc. compare | −2.6× |
| PDYN Palladyne AI Corp. compare | 2.3× |
| ZENA ZenaTech, Inc. compare | 3.9× |
| AMBR Amber International Holding Limited - Sponsored ADR compare | 4.5× |
| DVLT Datavault AI Inc. compare | 13.2× |
| SKYA SkyAI, Inc. compare | — |
| ZSQR Z Squared Inc. 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