AstraZeneca PLC
AZN Healthcare Drug Manufacturers General
AstraZeneca PLC’s revenue for fiscal 2025 (year ended December 2025) was $58.7 billion, up 8.63% from fiscal 2024. In the quarter to June 2026, revenue grew 6.41%, EPS grew 1.90%, free cash flow fell 107.5% and total debt fell 5.50%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five; insiders bought in the last twelve months.
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AstraZeneca PLC (AZN) Beneish M-score
AstraZeneca PLC's Beneish M-score for fiscal 2025 is −2.51; 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 | −2.51 | 0.07 |
| FY2024 | −2.59 | (0.01) |
| FY2023 | −2.58 | 0.17 |
| FY2022 | −2.75 | (0.54) |
| FY2021 | −2.20 | 0.19 |
| FY2020 | −2.40 | 0.19 |
| FY2019 | −2.59 | (0.05) |
| FY2018 | −2.54 | (0.07) |
| FY2017 | −2.48 | 0.27 |
| FY2016 | −2.74 | (0.14) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 1.09 | — | 0.97 | |
| Depreciation index | 1.29 | — | 0.15 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.04) | — | −0.18 | |
| Leverage index | 0.93 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.51 | ||
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 |
|---|---|
| ABBV AbbVie Inc. compare | −2.9× |
| BMY Bristol Myers Squibb Company compare | −2.7× |
| PFE Pfizer Inc. compare | −2.5× |
| AZN AstraZeneca PLC | −2.5× |
| NVO Novo Nordisk A/S compare | −2.5× |
| NVS Novartis AG compare | −2.5× |
| GILD Gilead Sciences, Inc. compare | −2.5× |
| AMGN Amgen Inc. compare | −2.3× |
| MRK Merck & Co., Inc. compare | −2.3× |
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