stockrowCNX Resources Corporation.
CNX Energy Oil & Gas E&P
CNX Resources Corporation.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 76.8% from fiscal 2024.
- Revenue
- −0.66%
- EPS
- −22.0%
- Free cash flow
- −27.3%
- Total debt
- −11.4%
Quarter to September 2026, against a year earlier
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CNX Resources Corporation. (CNX) Beneish M-score
CNX Resources Corporation.'s Beneish M-score for fiscal 2025 is −2.16; 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 | −2.16 | (1.10) |
| FY2024 | −1.06 | 0.17 |
| FY2023 | −1.23 | 1.75 |
| FY2022 | −2.97 | (2.04) |
| FY2021 | −0.94 | 2.64 |
| FY2020 | −3.58 | (0.30) |
| FY2019 | −3.28 | (2.25) |
| FY2018 | −1.03 | 1.54 |
| FY2017 | −2.57 | (0.01) |
| FY2016 | −2.56 | 0.41 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.93 | — | 0.86 | |
| Gross margin index | 0.81 | — | 0.43 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 1.77 | — | 1.58 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 0.62 | — | −0.11 | |
| Total accruals to total assets | (0.04) | — | −0.20 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Elevated | −2.16 | ||
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 |
|---|---|
| MGY Magnolia Oil & Gas Corp compare | −3.4× |
| MTDR Matador Resources Company compare | −3.3× |
| CRGY Crescent Energy Company compare | −2.9× |
| CRC California Resources Corporation compare | −2.7× |
| MUR Murphy Oil Corporation compare | −2.7× |
| CRK Comstock Resources, Inc. compare | −2.2× |
| CNX CNX Resources Corporation. | −2.2× |
| VIST Vista Energy, S.A.B. de C.V. - Sponsored ADR compare | −2.1× |
| LB LandBridge Company LLC compare | −1.5× |
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