SPAR Group, Inc.
SGRP Industrials Specialty Business Services
In the quarter to June 2026, revenue fell 4.46%, EPS was flat, free cash flow grew 35.9% and total debt rose 80.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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SPAR Group, Inc. (SGRP) Beneish M-score
SPAR Group, Inc.'s Beneish M-score for fiscal 2025 is −2.87; 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 | −2.87 | 0.01 |
| FY2024 | −2.88 | 0.16 |
| FY2023 | −3.03 | (0.88) |
| FY2022 | −2.16 | 0.24 |
| FY2021 | −2.40 | 0.11 |
| FY2020 | −2.51 | (0.16) |
| FY2019 | −2.35 | (0.11) |
| FY2018 | −2.24 | 0.60 |
| FY2017 | −2.84 | (0.65) |
| FY2016 | −2.18 | 0.59 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.31 | — | 1.21 | |
| Gross margin index | 1.29 | — | 0.68 | |
| Asset quality index | 1.37 | — | 0.55 | |
| Sales growth index | 0.83 | — | 0.74 | |
| Depreciation index | 1.36 | — | 0.16 | |
| SG&A index | 1.14 | — | −0.20 | |
| Total accruals to total assets | (0.14) | — | −0.66 | |
| Leverage index | 1.57 | — | −0.51 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.87 | ||
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 |
|---|---|
| LICN Lichen International Limited compare | −3.0× |
| WHLM Wilhelmina International, Inc. compare | −2.9× |
| SGRP SPAR Group, Inc. | −2.9× |
| CRE Cre8 Enterprise Limited compare | −2.4× |
| PMEC Primech Holdings Ltd. compare | −2.1× |
| SFHG Samfine Creation Holdings Group Limited compare | −2.0× |
| THH TryHard Holdings Limited compare | −1.6× |
| PC Premium Catering (Holdings) Limited compare | 0.1× |
| SMX SMX (Security Matters) Public Limited Company 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