Avalon Rare Metals Inc.
AVLNF
Avalon Rare Metals Inc.’s revenue for fiscal 2025 (year ended August 2025) was $35,800.00, down 55.6% from fiscal 2024. In the quarter to February 2026, revenue grew 428.5%, EPS fell 581.4%, free cash flow fell 181.2% and total debt fell 94.4%, each against the same quarter a year earlier.
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Avalon Rare Metals Inc. (AVLNF) Beneish M-score
Avalon Rare Metals Inc.'s Beneish M-score for fiscal 2025 is −0.98; 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) |
|---|---|---|
| FY2025 | −0.98 | 2.42 |
| FY2024 | −3.40 | (4.21) |
| FY2023 | 0.81 | 3.25 |
| FY2022 | −2.44 | (0.38) |
| FY2021 | −2.07 | (0.36) |
| FY2020 | −1.71 | 1.12 |
| FY2019 | −2.83 | (1.35) |
| FY2018 | −1.49 | 1.40 |
| FY2017 | −2.89 | (0.12) |
| FY2016 | −2.77 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 3.42 | — | 3.14 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 0.44 | — | 0.40 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 1.22 | — | −0.21 | |
| Total accruals to total assets | (0.01) | — | −0.06 | |
| Leverage index | 1.39 | — | −0.46 | |
| Beneish M-score | Flagged by the model | −0.98 | ||
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.
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