Teradata Corporation
TDC Technology Software Infrastructure
Teradata Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.7 billion, down 4.97% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 444.4%, free cash flow grew 169.2% and total debt fell 91.2%, each against the same quarter a year earlier.
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Teradata Corporation (TDC) Beneish M-score
Teradata Corporation'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 | 0.28 |
| FY2024 | −3.12 | 0.30 |
| FY2023 | −3.42 | (0.09) |
| FY2022 | −3.33 | (0.13) |
| FY2021 | −3.20 | (0.24) |
| FY2020 | −2.96 | 0.18 |
| FY2019 | −3.14 | (0.12) |
| FY2018 | −3.02 | 0.20 |
| FY2017 | −3.22 | (0.15) |
| FY2016 | −3.07 | 0.95 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.93 | — | 0.37 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 1.12 | — | 0.13 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.10) | — | −0.46 | |
| Leverage index | 0.94 | — | −0.31 | |
| 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 |
|---|---|
| NTCT NetScout Systems, Inc. compare | −2.9× |
| TDC Teradata Corporation | −2.8× |
| PAGS PagSeguro Digital Ltd. compare | −2.8× |
| APPN Appian Corporation compare | −2.7× |
| AVPT AvePoint, Inc. compare | −2.4× |
| STNE StoneCo Ltd. compare | −2.2× |
| CLBT Cellebrite DI Ltd. compare | −2.1× |
| FOUR Shift4 Payments, Inc. compare | −1.9× |
| TCGL TechCreate Group Ltd. compare | 4.6× |
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