Universal Electronics Inc.
UEIC Technology Consumer Electronics
Universal Electronics Inc.’s revenue for fiscal 2025 (year ended December 2025) was $368.3 million, down 6.73% from fiscal 2024. In the quarter to June 2026, revenue fell 25.0%, EPS grew 159.1%, free cash flow fell 22.8% and total debt fell 30.9%, each against the same quarter a year earlier.
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Universal Electronics Inc. (UEIC) Beneish M-score
Universal Electronics Inc.'s Beneish M-score for fiscal 2025 is −3.45; 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 | −3.45 | (0.37) |
| FY2024 | −3.08 | 1.08 |
| FY2023 | −4.16 | (1.52) |
| FY2022 | −2.64 | 0.27 |
| FY2021 | −2.91 | (0.11) |
| FY2020 | −2.80 | 0.32 |
| FY2019 | −3.12 | (0.67) |
| FY2018 | −2.45 | 0.14 |
| FY2017 | −2.59 | 0.07 |
| FY2016 | −2.66 | (0.39) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.74 | — | 0.68 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 0.93 | — | 0.83 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.15) | — | −0.72 | |
| Leverage index | 0.89 | — | −0.29 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.45 | ||
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 |
|---|---|
| FOXX Foxx Development Holdings Inc. compare | −10.2× |
| UEIC Universal Electronics Inc. | −3.4× |
| GPRO GoPro, Inc. compare | −3.1× |
| TBCH Turtle Beach Corporation compare | −3.0× |
| KOSS Koss Corporation compare | −2.7× |
| ZEPP Zepp Health Corporation Sponsored ADR compare | −2.5× |
| AXIL AXIL Brands, Inc. compare | 1.0× |
| FXHO UTime Limited compare | 77.2× |
| VUZI Vuzix Corporation 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