TAT Technologies Ltd.
TATT Industrials Aerospace & Defense
TAT Technologies Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $178.0 million, up 17.0% from fiscal 2024. In the quarter to June 2026, revenue grew 22.8%, EPS grew 106.7%, free cash flow fell 146.7% and total debt fell 9.81%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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TAT Technologies Ltd. (TATT) Beneish M-score
TAT Technologies Ltd.'s Beneish M-score for fiscal 2025 is −2.21; 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 | −2.21 | (0.57) |
| FY2024 | −1.64 | 0.52 |
| FY2023 | −2.15 | 0.33 |
| FY2022 | −2.49 | 0.12 |
| FY2021 | −2.60 | 0.53 |
| FY2020 | −3.13 | (0.66) |
| FY2019 | −2.47 | 0.01 |
| FY2018 | −2.49 | (0.22) |
| FY2017 | −2.27 | 0.48 |
| FY2016 | −2.74 | (0.68) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.88 | |
| Gross margin index | 0.88 | — | 0.46 | |
| Asset quality index | 1.14 | — | 0.46 | |
| Sales growth index | 1.17 | — | 1.04 | |
| Depreciation index | 1.18 | — | 0.14 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | 0.01 | — | 0.04 | |
| Leverage index | 0.64 | — | −0.21 | |
| Beneish M-score | Elevated | −2.21 | ||
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 |
|---|---|
| SWBI Smith & Wesson Brands, Inc. compare | −3.5× |
| RGR Sturm, Ruger & Company, Inc. compare | −3.1× |
| PKE Park Aerospace Corp. compare | −2.5× |
| POWW Outdoor Holding Company compare | −2.4× |
| TATT TAT Technologies Ltd. | −2.2× |
| IA Innovative Solutions and Support, Inc. compare | −2.0× |
| SATL Satellogic Inc. compare | 1.7× |
| EVEX Eve Holding, Inc. compare | — |
| SPCE Virgin Galactic Holdings, 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