Universal Technical Institute Inc
UTI Consumer Defensive Education & Training Services
Universal Technical Institute Inc’s revenue for fiscal 2025 (year ended September 2025) was $835.6 million, up 14.0% from fiscal 2024. In the quarter to June 2026, revenue grew 7.15%, EPS fell 80.0%, free cash flow fell 408.9% and total debt rose 117.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Universal Technical Institute Inc (UTI) Beneish M-score
Universal Technical Institute Inc's Beneish M-score for fiscal 2025 is −2.24; 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 | −2.24 | 0.33 |
| FY2024 | −2.57 | (0.28) |
| FY2023 | −2.29 | 0.39 |
| FY2022 | −2.68 | 0.59 |
| FY2021 | −3.27 | (2.37) |
| FY2020 | −0.89 | 2.28 |
| FY2019 | −3.18 | (1.30) |
| FY2018 | −1.88 | 0.72 |
| FY2017 | −2.60 | 1.15 |
| FY2016 | −3.76 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.30 | — | 1.20 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 1.03 | — | 0.41 | |
| Sales growth index | 1.14 | — | 1.02 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.04) | — | −0.19 | |
| Leverage index | 0.86 | — | −0.28 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.24 | ||
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 |
|---|---|
| COUR Coursera, Inc. compare | −3.2× |
| LINC Lincoln Educational Services Corporation compare | −2.8× |
| APEI American Public Education, Inc. compare | −2.7× |
| AFYA Afya Limited compare | −2.7× |
| PRDO Perdoceo Education Corporation compare | −2.6× |
| STRA Strategic Education Inc. compare | −2.5× |
| DAO Youdao, Inc. Unsponsored ADR compare | −2.4× |
| UTI Universal Technical Institute Inc | −2.2× |
| PXED Phoenix Education Partners, Inc. compare | −1.8× |
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