Telos Corporation
TLS Technology Software Infrastructure
Telos Corporation’s revenue for fiscal 2025 (year ended December 2025) was $164.8 million, up 52.2% from fiscal 2024. In the quarter to June 2026, revenue grew 32.7%, EPS grew 107.7%, free cash flow grew 43.0% and total debt fell 31.8%, each against the same quarter a year earlier.
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Telos Corporation (TLS) Beneish M-score
Telos Corporation's Beneish M-score for fiscal 2025 is −4.97; 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 | −4.97 | (1.53) |
| FY2024 | −3.43 | (0.01) |
| FY2023 | −3.43 | 0.64 |
| FY2022 | −4.06 | (1.38) |
| FY2021 | −2.68 | (0.50) |
| FY2020 | −2.18 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.58 | — | 0.54 | |
| Gross margin index | 0.86 | — | 0.45 | |
| Asset quality index | 0.77 | — | 0.31 | |
| Sales growth index | 1.52 | — | 1.36 | |
| Depreciation index | 0.82 | — | 0.09 | |
| SG&A index | 0.69 | — | −0.12 | |
| Total accruals to total assets | (0.48) | — | −2.23 | |
| Leverage index | 1.61 | — | −0.53 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.97 | ||
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 |
|---|---|
| KDK Kodiak AI, Inc. compare | −16.9× |
| TLS Telos Corporation | −5.0× |
| NUAI New Era Energy & Digital, Inc. compare | −4.0× |
| PSFE Paysafe Limited compare | −2.9× |
| IMXI INTERNATIONAL MONEY EXPRESS, INC. compare | −2.6× |
| AIOT PowerFleet, Inc. compare | −2.5× |
| XNET Xunlei Limited compare | 3.5× |
| QIWI QIWI PLC compare | 10.8× |
| SUPX SuperX AI Technology Limited compare | 48.1× |
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