Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)
EDN Utilities Utilities Regulated Electric
Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, up 6.46% from fiscal 2024. In the quarter to June 2026, revenue grew 14.7%, EPS fell 72.9%, free cash flow grew 105.3% and total debt rose 142.0%, each against the same quarter a year earlier.
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Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (EDN) Beneish M-score
Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)'s Beneish M-score for fiscal 2025 is −1.30; 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 | −1.30 | 1.34 |
| FY2024 | −2.63 | (0.64) |
| FY2023 | −1.99 | (0.72) |
| FY2022 | −1.27 | 2.23 |
| FY2021 | −3.50 | 0.03 |
| FY2020 | −3.53 | (1.00) |
| FY2019 | −2.53 | 0.46 |
| FY2018 | −2.99 | 0.00 |
| FY2017 | −2.99 | 2.24 |
| FY2016 | −5.23 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.87 | — | 0.80 | |
| Gross margin index | 0.85 | — | 0.45 | |
| Asset quality index | 4.20 | — | 1.70 | |
| Sales growth index | 1.06 | — | 0.95 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | 0.01 | — | 0.04 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Flagged by the model | −1.30 | ||
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 |
|---|---|
| HE Hawaiian Electric Industries, Inc. compare | −5.6× |
| NWE NorthWestern Corporation compare | −2.6× |
| MGEE MGE Energy Inc. compare | −2.5× |
| GNE Genie Energy Ltd. compare | −2.5× |
| CEPU Central Puerto S.A. Sponsored ADR compare | −2.4× |
| CIG Comp En De Mn Cemig ADS compare | −2.3× |
| EDN Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) | −1.3× |
| IMSR Terrestrial Energy Inc. compare | — |
| NKLR Terra Innovatum Global N.V. 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