Virco Manufacturing Corporation
VIRC Consumer Cyclical Furnishings Fixtures & Appliances
Virco Manufacturing Corporation’s revenue for fiscal 2026 (year ended January 2026) was $199.7 million, down 25.0% from fiscal 2025. In the quarter to July 2026, revenue fell 5.02%, EPS fell 15.4%, free cash flow grew 224.0% and total debt fell 6.56%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Virco Manufacturing Corporation (VIRC) Beneish M-score
Virco Manufacturing Corporation'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 | 0.23 |
| FY2025 | −2.59 | (0.15) |
| FY2024 | −2.45 | (0.61) |
| FY2023 | −1.84 | 0.83 |
| FY2022 | −2.67 | 0.28 |
| FY2021 | −2.95 | (0.55) |
| FY2020 | −2.41 | 0.15 |
| FY2019 | −2.55 | 0.23 |
| FY2018 | −2.79 | (1.79) |
| FY2017 | −0.99 | 1.75 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.36 | — | 1.25 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 0.84 | — | 0.34 | |
| Sales growth index | 0.75 | — | 0.67 | |
| Depreciation index | 0.91 | — | 0.11 | |
| SG&A index | 1.19 | — | −0.20 | |
| Total accruals to total assets | 0.02 | — | 0.09 | |
| Leverage index | 1.03 | — | −0.34 | |
| 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 |
|---|---|
| ATER Aterian, Inc. compare | −4.2× |
| COOK Traeger, Inc. compare | −3.5× |
| HOFT Hooker Furnishings Corp. compare | −3.2× |
| LOVE The Lovesac Company compare | −3.1× |
| LCUT Lifetime Brands, Inc. compare | −2.8× |
| KEQU Kewaunee Scientific Corporation compare | −2.7× |
| BSET Bassett Furniture Industries, Incorporated compare | −2.7× |
| VIOT Viomi Technology Co., Ltd. Sponsored ADR compare | −2.6× |
| VIRC Virco Manufacturing Corporation | −2.4× |
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