Digimarc's M-Score captures earnings quality signals across revenue, margin, accrual, and leverage dimensions. At -3.22 (Unlikely Manipulator), Digimarc's M-Score is well below the commonly referenced -2.22 threshold, suggesting low probability of earnings manipulation under the model framework.
Digimarc Beneish M-Score
-3.22
M-Score Reference Points for Digimarc
Below -2.22: unlikely manipulator Above -2.22: possible manipulator
M-Score Significance for Digimarc
Digimarc's M-Score captures whether revenue recognition, cost behavior, and accrual patterns are simultaneously consistent. A score driven by broad alignment across all eight dimensions has different implications than one where a single extreme factor dominates the output.
Our How to Trade Digimarc guide. The guide covers key considerations relevant to Digimarc Stock order placement. It provides context that complements the data presented here for Digimarc.
Digimarc
Beneish M Score
Market Cap
Enterprise Value
Price To Sales Ratio
Dividend Yield
Ptb Ratio
Days Sales Outstanding
Book Value Per Share
Free Cash Flow Yield
Operating Cash Flow Per Share
Stock Based Compensation To Revenue
Capex To Depreciation
Pb Ratio
Ev To Sales
Free Cash Flow Per Share
Roic
Net Income Per Share
Payables Turnover
Sales General And Administrative To Revenue
Research And Ddevelopement To Revenue
Capex To Revenue
Cash Per Share
Pocfratio
Payout Ratio
Capex To Operating Cash Flow
Pfcf Ratio
Days Payables Outstanding
Income Quality
Roe
Ev To Operating Cash Flow
Pe Ratio
Return On Tangible Assets
Ev To Free Cash Flow
Earnings Yield
Intangibles To Total Assets
Net Debt To EBITDA
Current Ratio
Tangible Book Value Per Share
Receivables Turnover
Shareholders Equity Per Share
Debt To Equity
Capex Per Share
Graham Net Net
Revenue Per Share
Interest Debt Per Share
Debt To Assets
Graham Number
Price Earnings Ratio
Operating Cycle
Price Book Value Ratio
Price Earnings To Growth Ratio
Days Of Payables Outstanding
Dividend Payout Ratio
Price To Operating Cash Flows Ratio
Price To Free Cash Flows Ratio
Pretax Profit Margin
Ebt Per Ebit
Operating Profit Margin
Effective Tax Rate
Company Equity Multiplier
Total Debt To Capitalization
Return On Capital Employed
Debt Equity Ratio
Ebit Per Revenue
Quick Ratio
Dividend Paid And Capex Coverage Ratio
Net Income Per EBT
Cash Ratio
Cash Conversion Cycle
Operating Cash Flow Sales Ratio
Days Of Sales Outstanding
Free Cash Flow Operating Cash Flow Ratio
Cash Flow Coverage Ratios
Price To Book Ratio
Fixed Asset Turnover
Capital Expenditure Coverage Ratio
Price Cash Flow Ratio
Enterprise Value Multiple
Debt Ratio
Cash Flow To Debt Ratio
Price Sales Ratio
Return On Assets
Asset Turnover
Net Profit Margin
Gross Profit Margin
Price Fair Value
Return On Equity
Change In Cash
Stock Based Compensation
Free Cash Flow
Change In Working Capital
Begin Period Cash Flow
Total Cashflows From Investing Activities
Other Cashflows From Financing Activities
Depreciation
Other Non Cash Items
Capital Expenditures
Total Cash From Operating Activities
Change To Account Receivables
Net Income
Total Cash From Financing Activities
End Period Cash Flow
Other Cashflows From Investing Activities
Change To Liabilities
Sale Purchase Of Stock
Change To Inventory
Dividends Paid
Investments
Change Receivables
Cash And Cash Equivalents Changes
Cash Flows Other Operating
Change To Netincome
Change To Operating Activities
Net Borrowings
Issuance Of Capital Stock
Total Assets
Other Current Liab
Total Current Liabilities
Total Stockholder Equity
Other Liab
Property Plant And Equipment Net
Current Deferred Revenue
Net Debt
Accounts Payable
Cash
Non Current Assets Total
Non Current Assets Other
Other Assets
Cash And Short Term Investments
Net Receivables
Common Stock Shares Outstanding
Liabilities And Stockholders Equity
Non Current Liabilities Total
Other Current Assets
Other Stockholder Equity
Total Liab
Property Plant And Equipment Gross
Total Current Assets
Property Plant Equipment
Short Term Investments
Accumulated Other Comprehensive Income
Retained Earnings
Common Stock Total Equity
Intangible Assets
Common Stock
Net Tangible Assets
Good Will
Retained Earnings Total Equity
Capital Surplus
Long Term Investments
Deferred Long Term Asset Charges
Short Term Debt
Non Current Liabilities Other
Net Invested Capital
Net Working Capital
Capital Stock
Short Long Term Debt Total
Capital Lease Obligations
Depreciation And Amortization
Interest Expense
Selling General Administrative
Selling And Marketing Expenses
Total Revenue
Gross Profit
Other Operating Expenses
Operating Income
Ebit
Research Development
Ebitda
Cost Of Revenue
Total Operating Expenses
Income Before Tax
Total Other Income Expense Net
Income Tax Expense
Net Income From Continuing Ops
Non Operating Income Net Other
Tax Provision
Reconciled Depreciation
Net Interest Income
Interest Income
Probability Of Bankruptcy
Digimarc's M-Score Explained
Digimarc's M-Score of -3.22 falls below the commonly referenced -2.22 threshold, indicating a low probability of earnings distortion under the model framework. The result is supported by stable relationships across key accounting drivers. Receivables growth remains broadly aligned with revenue expansion, reducing concern around aggressive revenue recognition.
Gross margins have declined, which the model flags as a potential concern, though stable depreciation patterns suggest this may reflect operating conditions rather than accounting adjustments. Asset quality has declined, with a growing share of non-current assets relative to total assets, which can indicate aggressive capitalization. Accrual levels remain moderate, providing some offset.
While the composite score falls below the manipulation threshold, not all component signals are uniformly positive. Digimarc's overall earnings quality profile remains within acceptable ranges under the model, though the flagged dimensions warrant monitoring across future reporting periods.
The table below shows the most recent reported values and year-over-year changes for the financial data points underlying Digimarc's M-Score calculation. Directional shifts in these inputs drive changes in the composite score across reporting periods.
The correlation matrix below shows how Digimarc's key M-Score input variables relate to each other. Strong correlations between accounting drivers can help identify whether reported results are internally consistent or exhibit structural dependencies that warrant further analysis.
The M-Score model was built to find firms that may have altered their reported earnings. By studying changes rather than fixed levels, the model captures the dynamic patterns most tied to tricks.
Depreciation And Amortization
$8.7 million
Depreciation And Amortization stood at $8.29 million as of December 31, 2025.
Earnings Manipulation Drivers
The earnings manipulation risk at companies like Digimarc typically arises from selective application of accounting rules. These misrepresentations accumulate over time and can significantly distort the company's true financial position. Investors reviewing Digimarc should look for persistent gaps between reported earnings and operating cash flow. Applying multiple analytical lenses in the context of analysis of Digimarc's reported earnings reveals a more complete picture of financial quality.
Beneish's manipulation detection model estimates Digimarc's reporting risk by comparing current-period accounting ratios to prior-period baselines. The M-Score is most informative when tracked across multiple reporting periods rather than interpreted as a single-point estimate. Digimarc's financial reporting profile reflects revenue of 33.91 million, gross profit of 25.63 million, operating cash flow of -11.78 million, total assets of 52.96 million.
Digimarc inputs come from periodic company reporting and market reference feeds and are mapped into a consistent reporting framework. Sell-side coverage, where present, supplements the data shown.
Editorial review and methodology oversight provided by: Gabriel Shpitalnik, Member of Macroaxis Editorial Board