Crescent Energy Company
CRGY Energy Oil & Gas E&P
Crescent Energy Company’s revenue for fiscal 2025 (year ended December 2025) was $3.6 billion, up 22.1% from fiscal 2024. In the quarter to June 2026, revenue grew 55.3%, EPS grew 144.3%, free cash flow grew 27.0% and total debt rose 53.1%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Crescent Energy Company (CRGY) Beneish M-score
Crescent Energy Company's Beneish M-score for fiscal 2025 is −2.85; 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 | −2.85 | (0.18) |
| FY2024 | −2.68 | 0.21 |
| FY2023 | −2.89 | (0.43) |
| FY2022 | −2.46 | (1.14) |
| FY2021 | −1.32 | (0.90) |
| FY2020 | −0.42 | (3.20) |
| FY2019 | 2.78 | 8.29 |
| FY2018 | −5.51 | (2.23) |
| FY2017 | −3.28 | 0.23 |
| FY2016 | −3.51 | 3.26 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.12 | — | 1.03 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.22 | — | 1.09 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 1.11 | — | −0.19 | |
| Total accruals to total assets | (0.12) | — | −0.57 | |
| Leverage index | 1.29 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.85 | ||
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 |
|---|---|
| CHRD Chord Energy Corporation compare | −3.7× |
| MGY Magnolia Oil & Gas Corp compare | −3.4× |
| MTDR Matador Resources Company compare | −3.3× |
| CRGY Crescent Energy Company | −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. compare | −2.2× |
| VIST Vista Energy, S.A.B. de C.V. - Sponsored ADR compare | −2.1× |
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