Blue Star Foods Corp.
BSFCD Consumer Defensive Packaged Foods
Blue Star Foods Corp.’s revenue for fiscal 2025 (year ended December 2025) was $2.9 million, down 19.5% from fiscal 2024. In the quarter to June 2026, revenue fell 54.6%, EPS grew 99.0%, free cash flow fell 123.1% and total debt rose 701.4%, each against the same quarter a year earlier.
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Blue Star Foods Corp. (BSFCD) Beneish M-score
Blue Star Foods Corp.'s Beneish M-score for fiscal 2025 is −14.66; 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 | −14.66 | (9.96) |
| FY2023 | −4.70 | (3.35) |
| FY2021 | −1.35 | 6.56 |
| FY2020 | −7.92 | (8.77) |
| FY2019 | 0.86 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.20 | — | 0.18 | |
| Gross margin index | (0.89) | — | −0.47 | |
| Asset quality index | 1.11 | — | 0.45 | |
| Sales growth index | 0.80 | — | 0.72 | |
| Depreciation index | 1.40 | — | 0.16 | |
| SG&A index | 1.21 | — | −0.21 | |
| Total accruals to total assets | (2.10) | — | −9.82 | |
| Leverage index | 2.55 | — | −0.83 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −14.66 | ||
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 |
|---|---|
| BSFCD Blue Star Foods Corp. | −14.7× |
| ATPC Agape ATP Corporation compare | −3.2× |
| CYAN Cyanotech Corporation compare | −2.4× |
| RKDA Arcadia Biosciences, Inc. compare | −1.8× |
| RGFC Real Good Food Company, Inc. compare | −1.2× |
| MEHA Functional Brands Inc. compare | −0.9× |
| ORISF Oriental Rise Holdings Limited compare | −0.7× |
| PAVS Paranovus Entertainment Technology Ltd. compare | — |
| STKH Steakholder Foods Ltd. Sponsored ADR 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