Silicom Ltd
SILC Technology Communication Equipment
Silicom Ltd’s revenue for fiscal 2025 (year ended December 2025) was $61.9 million, up 6.56% from fiscal 2024. In the quarter to June 2026, revenue grew 58.5%, EPS grew 37.3% and free cash flow fell 29.5%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Silicom Ltd (SILC) Beneish M-score
Silicom Ltd's Beneish M-score for fiscal 2025 is −2.84; 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 | −2.84 | 1.40 |
| FY2024 | −4.24 | (0.29) |
| FY2023 | −3.95 | (2.00) |
| FY2022 | −1.96 | 0.25 |
| FY2021 | −2.21 | 0.43 |
| FY2020 | −2.63 | 0.40 |
| FY2019 | −3.03 | 0.03 |
| FY2018 | −3.06 | (1.59) |
| FY2017 | −1.48 | 0.37 |
| FY2016 | −1.84 | 0.22 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.70 | — | 0.64 | |
| Gross margin index | 0.93 | — | 0.49 | |
| Asset quality index | 2.02 | — | 0.82 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 1.25 | — | 0.14 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.06) | — | −0.29 | |
| Leverage index | 1.78 | — | −0.58 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.84 | ||
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 |
|---|---|
| CRNT Ceragon Networks Ltd. compare | −3.2× |
| ADTN ADTRAN Holdings, Inc. compare | −3.0× |
| BKTI BK TECHNOLOGIES, INC. compare | −3.0× |
| OCC Optical Cable Corporation compare | −2.9× |
| LTRX Lantronix, Inc. compare | −2.9× |
| SILC Silicom Ltd | −2.8× |
| CLFD Clearfield, Inc. compare | −2.8× |
| AUDC AudioCodes Ltd. compare | −2.6× |
| AVNW Aviat Networks, Inc. compare | −2.5× |
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