ADC Therapeutics SA
ADCT Healthcare Biotechnology
ADC Therapeutics SA’s revenue for fiscal 2025 (year ended December 2025) was $81.4 million, up 14.9% from fiscal 2024. In the quarter to June 2026, revenue grew 2.17%, EPS grew 78.0%, free cash flow grew 51.0% and total debt rose 1.87%, each against the same quarter a year earlier.
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ADC Therapeutics SA (ADCT) Beneish M-score
ADC Therapeutics SA's Beneish M-score for fiscal 2025 is −2.09; 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 | −2.09 | 0.58 |
| FY2024 | −2.67 | 2.52 |
| FY2023 | −5.19 | (6.55) |
| FY2022 | 1.36 | (1.40) |
| FY2019 | 2.76 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.25 | — | 1.15 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 1.15 | — | 1.02 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.81 | — | −0.14 | |
| Total accruals to total assets | 0.00 | — | −0.02 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Elevated | −2.09 | ||
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 |
|---|---|
| ADCT ADC Therapeutics SA | −2.1× |
| MGNX MacroGenics, Inc. compare | −0.2× |
| KROS Keros Therapeutics, Inc. compare | 57.0× |
| PYXS Pyxis Oncology, Inc. compare | — |
| LXEO Lexeo Therapeutics, Inc. compare | — |
| EVMN Evommune Inc. compare | — |
| ZNTL Zentalis Pharmaceuticals, Inc. compare | — |
| CAMP CAMP4 Therapeutics Corporation compare | — |
| LRMR Larimar Therapeutics, 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