Embraer-Empresa Brasileira de Aeronautica
EMBJ Industrials Aerospace & Defense
Embraer-Empresa Brasileira de Aeronautica’s revenue for fiscal 2025 (year ended December 2025) was $7.6 billion, up 18.5% from fiscal 2024. In the quarter to June 2026, revenue grew 22.9%, EPS grew 176.7%, free cash flow grew 287.1% and total debt rose 12.3%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Embraer-Empresa Brasileira de Aeronautica (EMBJ) Beneish M-score
Embraer-Empresa Brasileira de Aeronautica's Beneish M-score for fiscal 2025 is −2.68; 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 | −2.68 | (0.44) |
| FY2024 | −2.25 | 0.26 |
| FY2023 | −2.51 | 0.45 |
| FY2022 | −2.96 | (0.13) |
| FY2021 | −2.83 | (1.85) |
| FY2020 | −0.99 | 1.84 |
| FY2019 | −2.83 | (1.50) |
| FY2018 | −1.33 | 1.69 |
| FY2017 | −3.01 | (0.45) |
| FY2016 | −2.56 | (0.05) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.76 | — | 0.70 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.18 | — | 1.06 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.04) | — | −0.19 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.68 | ||
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 |
|---|---|
| TXT Textron Inc. compare | −2.7× |
| EMBJ Embraer-Empresa Brasileira de Aeronautica | −2.7× |
| CW Curtiss-Wright Corporation compare | −2.5× |
| MOG.A Moog Inc. compare | −2.4× |
| WWD Woodward, Inc. compare | −2.4× |
| DRS Leonardo DRS, Inc. compare | −2.3× |
| HII Huntington Ingalls Industries, Inc. compare | −2.3× |
| BWXT BWX Technologies, Inc. compare | −1.9× |
| FTAI FTAI Aviation Ltd. compare | −0.8× |
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