Big Sky Industrial Inc.
BSIN Energy Oil & Gas E&P
Big Sky Industrial Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.4 million, down 64.3% from fiscal 2024. In the quarter to June 2026, revenue grew 5.23%, EPS grew 79.0% and free cash flow fell 76.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Big Sky Industrial Inc. (BSIN) Beneish M-score
Big Sky Industrial Inc.'s Beneish M-score for fiscal 2025 is −3.66; 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 | −3.66 | 2.01 |
| FY2024 | −5.67 | (0.83) |
| FY2023 | −4.84 | (6.08) |
| FY2022 | 1.24 | (0.98) |
| FY2021 | 2.22 | 6.21 |
| FY2020 | −3.99 | (1.68) |
| FY2019 | −2.31 | 0.29 |
| FY2018 | −2.60 | (0.16) |
| FY2017 | −2.44 | 2.11 |
| FY2016 | −4.55 | 9.43 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.98 | — | 0.90 | |
| Gross margin index | 1.81 | — | 0.96 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 0.36 | — | 0.32 | |
| Depreciation index | 1.92 | — | 0.22 | |
| SG&A index | 2.76 | — | −0.47 | |
| Total accruals to total assets | (0.18) | — | −0.83 | |
| Leverage index | 0.87 | — | −0.28 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.66 | ||
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 |
|---|---|
| EP Empire Petroleum Corporation compare | −7.7× |
| BSIN Big Sky Industrial Inc. | −3.7× |
| BATL Battalion Oil Corporation compare | −3.0× |
| PROP Prairie Operating Co. compare | 22.8× |
| INDO Indonesia Energy Corporation Limited compare | — |
| VOC VOC Energy Trust compare | — |
| NRT North European Oil Royality Trust compare | — |
| CRT Cross Timbers Royalty Trust compare | — |
| PVL PERMIANVILLE ROYALTY TRUST 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