WhiteFiber, Inc.
WYFI Technology Information Technology Services
WhiteFiber, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $79.2 million, up 66.2% from fiscal 2024. In the quarter to June 2026, revenue grew 54.5%, EPS fell 19.4% and free cash flow fell 5.87%, each against the same quarter a year earlier.
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WhiteFiber, Inc. (WYFI) Beneish M-score
WhiteFiber, Inc.'s Beneish M-score for fiscal 2025 is −1.10; 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 | −1.10 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.73 | — | 2.51 | |
| Gross margin index | 0.93 | — | 0.49 | |
| Asset quality index | 0.55 | — | 0.22 | |
| Sales growth index | 1.66 | — | 1.48 | |
| Depreciation index | 2.40 | — | 0.28 | |
| SG&A index | 3.07 | — | −0.53 | |
| Total accruals to total assets | (0.11) | — | −0.51 | |
| Leverage index | 0.63 | — | −0.21 | |
| Beneish M-score | Flagged by the model | −1.10 | ||
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 |
|---|---|
| TTGT TechTarget, Inc. compare | −7.3× |
| HCKT The Hackett Group, Inc. compare | −3.4× |
| NABL N-able, Inc. compare | −3.0× |
| III Information Services Group, Inc. compare | −2.9× |
| VRRM VERRA MOBILITY CORP compare | −2.7× |
| IBEX IBEX Limited compare | −2.6× |
| GDYN Grid Dynamics Holdings, Inc. compare | −2.5× |
| TASK TaskUs, Inc. compare | −2.3× |
| WYFI WhiteFiber, Inc. | −1.1× |
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