ABVC BioPharma, Inc.
ABVC Healthcare Biotechnology
ABVC BioPharma, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $509,600.00, up 234.4% from fiscal 2023. In the quarter to June 2026, revenue grew 66,233.3%, EPS grew 76.9% and free cash flow grew 72.7%, each against the same quarter a year earlier.
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ABVC BioPharma, Inc. (ABVC) Beneish M-score
ABVC BioPharma, Inc.'s Beneish M-score for fiscal 2024 is −3.98; 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) |
|---|---|---|
| FY2024 | −3.98 | 1.45 |
| FY2022 | −5.43 | (2.29) |
| FY2021 | −3.14 | 2.17 |
| FY2020 | −5.31 | (75.89) |
| FY2019 | 70.57 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.45 | — | 0.42 | |
| Gross margin index | (0.98) | — | −0.52 | |
| Asset quality index | 0.90 | — | 0.36 | |
| Sales growth index | 3.34 | — | 2.98 | |
| Depreciation index | 1.42 | — | 0.16 | |
| SG&A index | 0.27 | — | −0.05 | |
| Total accruals to total assets | (0.46) | — | −2.14 | |
| Leverage index | 1.11 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.98 | ||
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 |
|---|---|
| ABVC ABVC BioPharma, Inc. | −4.0× |
| IGC IGC Pharma, Inc. compare | −3.7× |
| IMMP Prima BioMed Ltd compare | −3.5× |
| EVAX Evaxion A/S - Sponsored ADR compare | −2.2× |
| CYAD Celyad SA compare | 10.5× |
| ATOS Atossa Therapeutics, Inc. compare | — |
| MCRB Seres Therapeutics, Inc. compare | — |
| PLRZ Polyrizon Ltd. compare | — |
| BYSI BeyondSpring Inc. compare | — |
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