Bioceres Crop Solutions Corp.
BIOX Basic Materials Agricultural Inputs
Bioceres Crop Solutions Corp.’s revenue for fiscal 2026 (year ended June 2026) was $238.2 million, down 28.6% from fiscal 2025. In the quarter to March 2026, revenue fell 34.7%, EPS fell 700.0%, free cash flow grew 344.3% and total debt fell 29.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Bioceres Crop Solutions Corp. (BIOX) Beneish M-score
Bioceres Crop Solutions Corp.'s Beneish M-score for fiscal 2026 cannot be worked out: total accruals to total assets cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.25 | (0.77) |
| FY2024 | −2.48 | (0.52) |
| FY2023 | −1.96 | (0.04) |
| FY2022 | −1.92 | 0.20 |
| FY2021 | −2.12 | 0.36 |
| FY2020 | −2.48 | 0.75 |
| FY2019 | −3.23 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.85 | — | 0.78 | |
| Gross margin index | 1.12 | — | 0.59 | |
| Asset quality index | 0.83 | — | 0.34 | |
| Sales growth index | 0.71 | — | 0.64 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | — | — | n/a | — |
| Leverage index | 1.41 | — | −0.46 | |
| Beneish M-score | n/a — total accruals to total assets 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 |
|---|---|
| LVROF Lavoro Limited compare | −5.8× |
| SEED Origin Agritech Limited compare | −3.3× |
| BHILQ Benson Hill, Inc. compare | −3.3× |
| AVD American Vanguard Corporation compare | −2.9× |
| ENFY Enlightify Inc. compare | −2.8× |
| IPI Intrepid Potash, Inc compare | −2.8× |
| NXTS Nexentis Technologies Inc. compare | −1.4× |
| BIOX Bioceres Crop Solutions Corp. | — |
| YTENQ Metabolix, Inc. compare | — |
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