Star Equity Holdings, Inc.
STRR Industrials Conglomerates
Star Equity Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $172.2 million, up 22.9% from fiscal 2024. In the quarter to June 2026, revenue grew 54.6%, EPS fell 187.0% and free cash flow fell 3,038.2%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Star Equity Holdings, Inc. (STRR) Beneish M-score
Star Equity Holdings, Inc.'s Beneish M-score for fiscal 2025 is −0.97; 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 | −0.97 | 1.73 |
| FY2024 | −2.71 | (0.40) |
| FY2023 | −2.31 | 0.44 |
| FY2022 | −2.75 | (1.17) |
| FY2021 | −1.58 | (0.13) |
| FY2020 | −1.45 | (0.44) |
| FY2019 | −1.02 | 0.75 |
| FY2018 | −1.77 | 1.68 |
| FY2017 | −3.45 | (0.94) |
| FY2016 | −2.50 | (0.71) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.44 | — | 1.32 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 1.22 | — | 0.49 | |
| Sales growth index | 1.23 | — | 1.10 | |
| Depreciation index | 8.45 | — | 0.97 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | 0.01 | — | 0.06 | |
| Leverage index | 1.48 | — | −0.49 | |
| Beneish M-score | Flagged by the model | −0.97 | ||
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 |
|---|---|
| PLAG PLANET GREEN HOLDINGS CORP. compare | −9.9× |
| TUSK Mammoth Energy Services, Inc. compare | −2.9× |
| BOOM DMC Global compare | −2.8× |
| HHS Harte Hanks, Inc. compare | −2.5× |
| RCMT RCM Technologies, Inc. compare | −2.4× |
| STRR Star Equity Holdings, Inc. | −1.0× |
| MAMK MaxsMaking Inc. compare | −0.9× |
| AIRT Air T, Inc. compare | −0.9× |
| LGPS LogProstyle Inc. compare | −0.2× |
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