Celanese Corporation
Celanese Corporation’s revenue for fiscal 2025 (year ended December 2025) was $9.5 billion, down 7.05% from fiscal 2024. In the quarter to June 2026, revenue grew 8.69%, EPS fell 37.4%, free cash flow fell 53.6% and total debt fell 7.22%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Celanese Corporation (CE) Beneish M-score
Celanese Corporation's Beneish M-score for fiscal 2025 is −3.03; 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 | −3.03 | 0.07 |
| FY2024 | −3.11 | (0.54) |
| FY2023 | −2.57 | (0.55) |
| FY2022 | −2.02 | 0.11 |
| FY2021 | −2.13 | (0.06) |
| FY2020 | −2.07 | 0.74 |
| FY2019 | −2.81 | (0.15) |
| FY2018 | −2.66 | (0.42) |
| FY2017 | −2.24 | 0.16 |
| FY2016 | −2.40 | 0.42 |
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 | 1.11 | — | 0.59 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 0.93 | — | 0.83 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.10) | — | −0.49 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.03 | ||
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 |
|---|---|
| GPRE Green Plains, Inc. compare | −3.5× |
| CE Celanese Corporation | −3.0× |
| HUN Huntsman Corporation compare | −2.9× |
| REX REX American Resources Corporation compare | −2.8× |
| OLN Olin Corporation compare | −2.7× |
| WLKP Westlake Chemical Partners LP compare | −2.5× |
| DOW Dow Inc. compare | −2.4× |
| TROX Tronox Holdings PLC compare | −2.4× |
| LXU Lsb Industries 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