Arq, Inc.
ARQ Industrials Pollution & Treatment Controls
Arq, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $120.3 million, up 10.4% from fiscal 2024. In the quarter to June 2026, revenue grew 4.54%, EPS grew 60.0%, free cash flow grew 46.2% and total debt rose 6.99%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Arq, Inc. (ARQ) Beneish M-score
Arq, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2021 | −1.67 | 3.88 |
| FY2020 | −5.55 | (5.07) |
| FY2019 | −0.49 | (1.19) |
| FY2018 | 0.71 | 1.47 |
| FY2017 | −0.76 | (4.10) |
| FY2016 | 3.34 | 2.68 |
| FY2015 | 0.67 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 1.30 | — | 0.69 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.10 | — | 0.99 | |
| Depreciation index | 0.17 | — | 0.02 | |
| SG&A index | 0.71 | — | −0.12 | |
| Total accruals to total assets | (0.22) | — | −1.01 | |
| Leverage index | 1.16 | — | −0.38 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
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 |
|---|---|
| ZONE Zone Frontier Inc. compare | −16.5× |
| ADUR Aduro Clean Technologies Inc. compare | −4.3× |
| FTEK Fuel Tech, Inc. compare | −3.6× |
| BCHT Birchtech Corp. compare | −3.5× |
| LIQT LiqTech International, Inc. compare | −2.9× |
| ERII Energy Recovery, Inc. compare | −2.2× |
| CLIR ClearSign Technologies Corporation compare | 2.0× |
| SCWO 374Water Inc. compare | — |
| ARQ Arq, Inc. | — |
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