Usio Inc
USIO Technology Software Infrastructure
Usio Inc’s revenue for fiscal 2025 (year ended December 2025) was $85.4 million, up 2.97% from fiscal 2024. In the quarter to June 2026, revenue grew 18.6%, EPS grew 171.9%, free cash flow fell 56.1% and total debt rose 93.7%, each against the same quarter a year earlier.
Follow USIO
Usio Inc (USIO) Beneish M-score
Usio Inc's Beneish M-score for fiscal 2025 is −2.87; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.87 | (0.78) |
| FY2024 | −2.09 | 0.44 |
| FY2023 | −2.53 | (0.62) |
| FY2022 | −1.91 | 1.10 |
| FY2021 | −3.00 | (1.14) |
| FY2020 | −1.87 | 0.47 |
| FY2019 | −2.34 | (0.20) |
| FY2018 | −2.14 | (0.63) |
| FY2017 | −1.50 | 1.36 |
| FY2016 | −2.87 | 0.24 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.78 | — | 0.72 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 0.66 | — | 0.27 | |
| Sales growth index | 1.03 | — | 0.92 | |
| Depreciation index | 1.30 | — | 0.15 | |
| SG&A index | 0.81 | — | −0.14 | |
| Total accruals to total assets | (0.03) | — | −0.14 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.87 | ||
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 |
|---|---|
| AGPU Axe Compute Inc. compare | −22.7× |
| ATGL Alpha Technology Group Limited compare | −12.2× |
| VERI Veritone, Inc. compare | −3.8× |
| USIO Usio Inc | −2.9× |
| DAVA Endava PLC Sponsored ADR compare | −2.6× |
| FATN FatPipe, Inc. compare | −1.4× |
| VIVO Vivopower International Plc compare | 8.1× |
| AISP Airship AI Holdings, Inc. compare | 12.5× |
| AILEQ iLearningEngines, 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