TechTarget, Inc.
TTGT Technology Information Technology Services
TechTarget, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $486.8 million, up 70.9% from fiscal 2024. In the quarter to June 2026, revenue fell 3.16%, EPS grew 94.6%, free cash flow fell 36.1% and total debt was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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TechTarget, Inc. (TTGT) Beneish M-score
TechTarget, Inc.'s Beneish M-score for fiscal 2025 is −7.28; 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 | −7.28 | (5.61) |
| FY2024 | −1.67 | 0.98 |
| FY2023 | −2.66 | (0.38) |
| FY2022 | −2.28 | 0.60 |
| FY2021 | −2.88 | (0.05) |
| FY2020 | −2.83 | 0.12 |
| FY2019 | −2.95 | (0.25) |
| FY2018 | −2.70 | (0.17) |
| FY2017 | −2.53 | 1.35 |
| FY2016 | −3.87 | (1.36) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.62 | — | 0.57 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 1.71 | — | 1.52 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (1.09) | — | −5.11 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −7.28 | ||
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 |
|---|---|
| TTGT TechTarget, Inc. | −7.3× |
| HCKT The Hackett Group, Inc. compare | −3.4× |
| UIS Unisys Corporation compare | −3.1× |
| TSSI TSS Inc. compare | −2.9× |
| III Information Services Group, Inc. compare | −2.9× |
| VRRM VERRA MOBILITY CORP compare | −2.7× |
| CNDT Conduent Inc. compare | −2.6× |
| IBEX IBEX Limited compare | −2.6× |
| WYFI WhiteFiber, Inc. compare | −1.1× |
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