Altimmune, Inc.
Altimmune, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $41,000.00, up 105.0% from fiscal 2024. In the quarter to June 2026, revenue grew 520.0%, EPS grew 55.6%, free cash flow fell 25.3% and total debt rose 142.4%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Altimmune, Inc. (ALT) Beneish M-score
Altimmune, Inc.'s Beneish M-score for fiscal 2025 is −3.17; 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 | −3.17 | (9.18) |
| FY2024 | 6.02 | 9.79 |
| FY2021 | −3.77 | (5.15) |
| FY2020 | 1.38 | 5.34 |
| FY2019 | −3.96 | 2.03 |
| FY2018 | −5.99 | (5.19) |
| FY2017 | −0.80 | (0.59) |
| FY2016 | −0.21 | (0.11) |
| FY2015 | −0.10 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.27 | — | 0.25 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.43 | — | 0.17 | |
| Sales growth index | 2.05 | — | 1.83 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.65 | — | −0.11 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 2.34 | — | −0.77 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.17 | ||
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 |
|---|---|
| CYVNY Ceryvyn Therapeutics Ltd. - Unsponsored ADR compare | −3.6× |
| ALT Altimmune, Inc. | −3.2× |
| ARVN Arvinas, Inc. compare | −1.6× |
| PROK ProKidney Corp. compare | 6.2× |
| ALLO Allogene Therapeutics, Inc. compare | — |
| MPLT MapLight Therapeutics, Inc. compare | — |
| EPRX Eupraxia Pharmaceuticals Inc. compare | — |
| OCS Oculis Holding AG compare | — |
| CTNM Contineum 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