Ginkgo Bioworks Holdings, Inc.
In the quarter to June 2026, revenue fell 48.5%, EPS grew 31.8% and free cash flow fell 16.4%, each against the same quarter a year earlier.
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Ginkgo Bioworks Holdings, Inc. (DNA) Beneish M-score
Ginkgo Bioworks Holdings, Inc.'s Beneish M-score for fiscal 2025 is −2.80; 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 | −2.80 | (0.08) |
| FY2024 | −2.72 | 2.70 |
| FY2023 | −5.42 | (0.37) |
| FY2022 | −5.05 | (1.55) |
| FY2021 | −3.50 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.44 | — | 1.33 | |
| Gross margin index | 1.11 | — | 0.59 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 0.75 | — | 0.67 | |
| Depreciation index | 1.42 | — | 0.16 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.13) | — | −0.59 | |
| Leverage index | 1.10 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.80 | ||
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 |
|---|---|
| DNA Ginkgo Bioworks Holdings, Inc. | −2.8× |
| ARDX Ardelyx, Inc. compare | −2.4× |
| GERN Geron Corporation compare | −1.7× |
| VSTM Verastem, Inc. compare | 10.7× |
| SANA Sana Biotechnology, Inc. compare | — |
| HELP Cybin Inc. compare | — |
| CRVS Corvus Pharmaceuticals, Inc. compare | — |
| ALMS Alumis Inc. compare | — |
| AVBP ArriVent BioPharma, 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