Viavi Solutions Inc.
VIAV Technology Communication Equipment
Viavi Solutions Inc.’s revenue for fiscal 2026 (year ended June 2026) was $1.5 billion, up 40.0% from fiscal 2025. In the quarter to June 2026, revenue grew 52.5%, EPS grew 250.0%, free cash flow grew 6,100.0% and total debt was flat, each against the same quarter a year earlier.
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Viavi Solutions Inc. (VIAV) Beneish M-score
Viavi Solutions Inc.'s Beneish M-score for fiscal 2026 is −2.36; 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) |
|---|---|---|
| FY2026 | −2.36 | (0.04) |
| FY2025 | −2.32 | 0.61 |
| FY2024 | −2.93 | (0.20) |
| FY2023 | −2.73 | 0.15 |
| FY2022 | −2.88 | 0.02 |
| FY2021 | −2.89 | (0.19) |
| FY2020 | −2.70 | (0.11) |
| FY2019 | −2.59 | (1.13) |
| FY2018 | −1.46 | 1.14 |
| FY2017 | −2.60 | 0.42 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.88 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 1.40 | — | 1.25 | |
| Depreciation index | 0.70 | — | 0.08 | |
| SG&A index | 0.96 | — | −0.16 | |
| Total accruals to total assets | (0.05) | — | −0.25 | |
| Leverage index | 0.81 | — | −0.26 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.36 | ||
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 |
|---|---|
| DGII Digi International Inc. compare | −2.9× |
| VSAT Viasat Inc. compare | −2.9× |
| ZBRA Zebra Technologies Corporation compare | −2.6× |
| BDC Belden Inc compare | −2.6× |
| EXTR Extreme Networks, Inc. compare | −2.5× |
| VIAV Viavi Solutions Inc. | −2.4× |
| AAOI Applied Optoelectronics, Inc. compare | −0.5× |
| ONDS Ondas Holdings Inc. compare | 2.0× |
| ASTS AST SpaceMobile, Inc. compare | 16.9× |
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