Compugen Ltd.
CGEN Healthcare Biotechnology
Compugen Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $72.8 million, up 161.1% from fiscal 2024. In the quarter to June 2026, revenue grew 107.0%, EPS grew 12.5% and free cash flow fell 155.4%, each against the same quarter a year earlier.
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Compugen Ltd. (CGEN) Beneish M-score
Compugen Ltd.'s Beneish M-score for fiscal 2025 is −1.59; 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 | −1.59 | 4.09 |
| FY2024 | −5.68 | (11.26) |
| FY2023 | 5.58 | 8.26 |
| FY2022 | −2.68 | (0.99) |
| FY2021 | −1.69 | 3.96 |
| FY2016 | −5.65 | (17.36) |
| FY2015 | 11.72 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.33 | — | 0.31 | |
| Gross margin index | 0.82 | — | 0.43 | |
| Asset quality index | 0.71 | — | 0.29 | |
| Sales growth index | 2.61 | — | 2.33 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.36 | — | −0.06 | |
| Total accruals to total assets | 0.02 | — | 0.11 | |
| Leverage index | 0.82 | — | −0.27 | |
| Beneish M-score | Flagged by the model | −1.59 | ||
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 |
|---|---|
| UPB Upstream Bio, Inc. compare | −2.8× |
| IVVD Invivyd, Inc. compare | −1.6× |
| CGEN Compugen Ltd. | −1.6× |
| BCYC Bicycle Therapeutics PLC Sponsored ADR compare | −1.4× |
| RNAC Cartesian Therapeutics, Inc. compare | 8.9× |
| LYEL Lyell Immunopharma, Inc. compare | — |
| ELDN Eledon Pharmaceuticals, Inc. compare | — |
| SION Sionna Therapeutics, Inc. compare | — |
| ACOG Alpha Cognition 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