SIFCO Industries, Inc.
SIF Industrials Aerospace & Defense
SIFCO Industries, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $84.8 million, up 6.51% from fiscal 2024. In the quarter to June 2026, revenue grew 18.3%, EPS fell 101.2%, free cash flow fell 792.3% and total debt fell 27.1%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three, operating cash flow growth for three.
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SIFCO Industries, Inc. (SIF) Beneish M-score
SIFCO Industries, Inc.'s Beneish M-score for fiscal 2025 is −2.67; 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 | −2.67 | 0.22 |
| FY2024 | −2.89 | 0.67 |
| FY2023 | −3.57 | (1.02) |
| FY2021 | −2.55 | (0.82) |
| FY2020 | −1.74 | 1.67 |
| FY2019 | −3.40 | (0.72) |
| FY2018 | −2.69 | 1.00 |
| FY2017 | −3.69 | (0.31) |
| FY2016 | −3.38 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.88 | — | 0.81 | |
| Gross margin index | 0.60 | — | 0.32 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 0.88 | — | −0.15 | |
| Total accruals to total assets | (0.01) | — | −0.07 | |
| Leverage index | 0.59 | — | −0.19 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.67 | ||
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 |
|---|---|
| SPAI Safe Pro Group Inc. compare | −4.3× |
| SIF SIFCO Industries, Inc. | −2.7× |
| CODA Coda Octopus Group Inc. compare | −2.6× |
| AIRO AIRO Group Holdings, Inc. compare | −2.0× |
| EH EHang Holdings Limited Unsponsored ADR compare | −1.6× |
| BYRN Byrna Technologies Inc. compare | 0.2× |
| MRLN Merlin Inc compare | — |
| HOVR New Horizon Aircraft Ltd. compare | — |
| SIDU Sidus Space, 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