Celularity, Inc.
CELU Healthcare Biotechnology
Celularity, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $26.6 million, down 51.0% from fiscal 2024. In the quarter to March 2026, revenue fell 66.3%, EPS grew 103.6%, free cash flow grew 148.4% and total debt fell 4.73%, each against the same quarter a year earlier.
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Celularity, Inc. (CELU) Beneish M-score
Celularity, Inc.'s Beneish M-score for fiscal 2025 is −5.93; 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 | −5.93 | (2.53) |
| FY2024 | −3.40 | 4.88 |
| FY2023 | −8.28 | (6.60) |
| FY2021 | −1.68 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.70 | — | 0.64 | |
| Gross margin index | 2.97 | — | 1.57 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 0.49 | — | 0.44 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 1.79 | — | −0.31 | |
| Total accruals to total assets | (0.73) | — | −3.42 | |
| Leverage index | 1.55 | — | −0.51 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −5.93 | ||
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 |
|---|---|
| CELU Celularity, Inc. | −5.9× |
| SGMOQ Sangamo Therapeutics, Inc. compare | −5.1× |
| VERU Veru Inc. compare | −3.4× |
| ANVS Annovis Bio, Inc. compare | — |
| ALDX Aldeyra Therapeutics, Inc. compare | — |
| GRCE Grace Therapeutics, Inc. compare | — |
| DWTX Dogwood Therapeutics, Inc compare | — |
| SER Serina Therapeutics, Inc. compare | — |
| TIL Instil Bio, 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