Aquestive Therapeutics, Inc.
AQST Healthcare Drug Manufacturers Specialty & Generic
Aquestive Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.5 million, down 22.6% from fiscal 2024. In the quarter to June 2026, revenue grew 38.2%, EPS fell 28.6%, free cash flow fell 20.4% and total debt rose 59.1%, each against the same quarter a year earlier.
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Aquestive Therapeutics, Inc. (AQST) Beneish M-score
Aquestive Therapeutics, Inc.'s Beneish M-score for fiscal 2025 is −1.91; 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 | −1.91 | 1.36 |
| FY2024 | −3.26 | (1.52) |
| FY2023 | −1.74 | 4.68 |
| FY2022 | −6.42 | (1.57) |
| FY2021 | −4.85 | (13.73) |
| FY2020 | 8.88 | 10.43 |
| FY2019 | −1.55 | 4.01 |
| FY2018 | −5.57 | (1.28) |
| FY2017 | −4.28 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 3.13 | — | 2.88 | |
| Gross margin index | 1.18 | — | 0.62 | |
| Asset quality index | 0.49 | — | 0.20 | |
| Sales growth index | 0.77 | — | 0.69 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 2.06 | — | −0.35 | |
| Total accruals to total assets | (0.20) | — | −0.91 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Elevated | −1.91 | ||
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 |
|---|---|
| IRWD Ironwood Pharmaceuticals, Inc. compare | −4.2× |
| EBS Emergent Biosolutions Inc. compare | −3.6× |
| COLL Collegium Pharmaceutical, Inc. compare | −3.3× |
| TKNO Alpha Teknova, Inc. compare | −3.0× |
| EVO Evotec AG compare | −2.6× |
| EOLS Evolus, Inc. compare | −2.6× |
| KMDA Kamada Ltd. compare | −2.4× |
| TLRY Tilray Brands, Inc. compare | −2.0× |
| AQST Aquestive Therapeutics, Inc. | −1.9× |
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