Sypris Solutions, Inc.
SYPR Consumer Cyclical Auto Parts
Sypris Solutions, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $119.9 million, down 14.5% from fiscal 2024. In the quarter to June 2026, revenue fell 3.45%, EPS fell 55.6%, free cash flow grew 61.4% and total debt rose 37.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Sypris Solutions, Inc. (SYPR) Beneish M-score
Sypris Solutions, Inc.'s Beneish M-score for fiscal 2025 is −1.85; 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 | −1.85 | 0.68 |
| FY2024 | −2.52 | (0.40) |
| FY2023 | −2.13 | 1.21 |
| FY2022 | −3.34 | (0.82) |
| FY2021 | −2.53 | 0.12 |
| FY2020 | −2.65 | (1.89) |
| FY2019 | −0.76 | 2.36 |
| FY2018 | −3.12 | (0.26) |
| FY2017 | −2.86 | (1.49) |
| FY2016 | −1.37 | (23.23) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.09 | — | 1.00 | |
| Gross margin index | 1.81 | — | 0.96 | |
| Asset quality index | 1.64 | — | 0.66 | |
| Sales growth index | 0.86 | — | 0.76 | |
| Depreciation index | 1.28 | — | 0.15 | |
| SG&A index | 1.10 | — | −0.19 | |
| Total accruals to total assets | (0.01) | — | −0.03 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Elevated | −1.85 | ||
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 |
|---|---|
| SRI Stoneridge, Inc. compare | −3.8× |
| CVGI Commercial Vehicle Group, Inc. compare | −3.4× |
| WPRT Westport Fuel Systems Inc. compare | −3.3× |
| GTEC Greenland Technologies Holding Corporation compare | −2.9× |
| PRTS CarParts.com, Inc. compare | −2.9× |
| INVZ Innoviz Technologies Ltd. compare | −2.8× |
| MKDW MKDWELL Tech Inc. compare | −2.4× |
| CAAS China Automotive Systems, Inc. compare | −2.0× |
| SYPR Sypris Solutions, Inc. | −1.8× |
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