Embecta Corp.
EMBC Healthcare Medical Instruments & Supplies
Embecta Corp.’s revenue for fiscal 2025 (year ended September 2025) was $1.1 billion, down 3.80% from fiscal 2024. In the quarter to June 2026, revenue fell 8.05%, EPS fell 53.9%, free cash flow fell 49.6% and total debt was flat, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Embecta Corp. (EMBC) Beneish M-score
Embecta Corp.'s Beneish M-score for fiscal 2025 is −3.11; 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 | −3.11 | (10.61) |
| FY2024 | 7.50 | 10.11 |
| FY2023 | −2.61 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.78 | — | 0.72 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 0.77 | — | 0.09 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | (0.09) | — | −0.41 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.11 | ||
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 |
|---|---|
| AVR Anteris Technologies Global Corp. compare | −6.3× |
| SMTI Sanara MedTech Inc. compare | −3.2× |
| EMBC Embecta Corp. | −3.1× |
| ANGO AngioDynamics, Inc. compare | −3.1× |
| OSUR OraSure Technologies, Inc. compare | −2.7× |
| UTMD Utah Medical Products, Inc. compare | −2.7× |
| ZJYL Jin Medical International Ltd. compare | −2.5× |
| PDEX Pro-Dex, Inc. compare | −1.1× |
| NNNN Anbio Biotechnology compare | 2.0× |
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