Danaos Corporation
DAC Industrials Marine Shipping
Danaos Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 2.80% from fiscal 2024. In the quarter to June 2026, revenue grew 4.66%, EPS grew 16.8%, free cash flow fell 81.1% and total debt rose 59.1%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Danaos Corporation (DAC) Beneish M-score
Danaos Corporation's Beneish M-score for fiscal 2025 is −2.58; 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 | −2.58 | 0.00 |
| FY2024 | −2.58 | (0.75) |
| FY2023 | −1.83 | 0.00 |
| FY2022 | −1.84 | (0.32) |
| FY2021 | −1.51 | 1.06 |
| FY2020 | −2.57 | (0.09) |
| FY2019 | −2.48 | 0.48 |
| FY2018 | −2.95 | (0.26) |
| FY2017 | −2.69 | 0.33 |
| FY2016 | −3.02 | (0.79) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.06 | — | 0.98 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 1.17 | — | 0.47 | |
| Sales growth index | 1.03 | — | 0.92 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 1.16 | — | −0.20 | |
| Total accruals to total assets | (0.03) | — | −0.14 | |
| Leverage index | 1.25 | — | −0.41 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.58 | ||
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 |
|---|---|
| SFL SFL Corporation Ltd. compare | −3.4× |
| ZIM ZIM Integrated Shipping Services Ltd. compare | −3.2× |
| NMM Navios Maritime Partners LP compare | −2.7× |
| DAC Danaos Corporation | −2.6× |
| SBLK Star Bulk Carriers Corp. compare | −2.5× |
| CMRE Costamare Inc. compare | −2.4× |
| HAFN Hafnia Limited compare | −2.0× |
| GSL Global Ship Lease, Inc. compare | 0.0× |
| ECO Okeanis Eco Tankers Corp. compare | 1.8× |
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