Brookfield Renewable Partners L.P.
BEP Utilities Utilities Renewable
Brookfield Renewable Partners L.P.’s revenue for fiscal 2025 (year ended December 2025) was $8.0 billion, up 23.0% from fiscal 2024. In the quarter to June 2026, revenue grew 11.5%, EPS fell 68.2%, free cash flow grew 250.1% and total debt fell 2.17%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five.
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Brookfield Renewable Partners L.P. (BEP) Beneish M-score
Brookfield Renewable Partners L.P.'s Beneish M-score for fiscal 2025 is −2.32; 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 | −2.32 | 0.01 |
| FY2024 | −2.33 | (0.30) |
| FY2023 | −2.02 | 0.26 |
| FY2022 | −2.28 | (0.30) |
| FY2021 | −1.99 | 0.79 |
| FY2020 | −2.77 | (0.36) |
| FY2019 | −2.42 | (0.11) |
| FY2018 | −2.31 | 0.12 |
| FY2017 | −2.43 | (0.89) |
| FY2016 | −1.54 | 0.90 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.95 | — | 0.87 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 1.23 | — | 0.50 | |
| Sales growth index | 1.23 | — | 1.10 | |
| Depreciation index | 0.80 | — | 0.09 | |
| SG&A index | 0.89 | — | −0.15 | |
| Total accruals to total assets | 0.00 | — | −0.02 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.32 | ||
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 |
|---|---|
| XIFR XPLR Infrastructure, LP compare | −3.3× |
| CWEN Clearway Energy, Inc. compare | −2.7× |
| EBR.B Eletrobras compare | −2.7× |
| AXIAY AXIA Energia compare | −2.7× |
| BEPC Brookfield Renewable Corporation compare | −2.7× |
| RNW ReNew Energy Global PLC compare | −2.6× |
| ORA Ormat Technologies, Inc. compare | −2.6× |
| ENLT Enlight Renewable Energy Ltd. compare | −2.5× |
| BEP Brookfield Renewable Partners L.P. | −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