Eocene Ltd.
EOCN Healthcare Biotechnology
In the quarter to June 2026, EPS grew 43.3% and free cash flow fell 67.7%, each against the same quarter a year earlier.
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Eocene Ltd. (EOCN) Beneish M-score
Eocene Ltd.'s Beneish M-score for fiscal 2018 is −1.67; 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) |
|---|---|---|
| FY2018 | −1.67 | 0.25 |
| FY2017 | −1.92 | — |
How fiscal 2018’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.75 | — | 0.69 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 1.88 | — | 1.68 | |
| Depreciation index | 0.62 | — | 0.07 | |
| SG&A index | 0.62 | — | −0.11 | |
| Total accruals to total assets | (0.01) | — | −0.04 | |
| Leverage index | 0.15 | — | −0.05 | |
| Beneish M-score | Flagged by the model | −1.67 | ||
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 |
|---|---|
| SXTP 60 Degrees Pharmaceuticals Inc. compare | −2.3× |
| EOCN Eocene Ltd. | −1.7× |
| APVO Aptevo Therapeutics Inc. compare | 3.7× |
| ADXN Addex Therapeutics Ltd. Sponsored ADR compare | 5.8× |
| CLDI Calidi Biotherapeutics, Inc. compare | — |
| GRI GRI Bio, Inc. compare | — |
| REVB Revelation Biosciences, Inc. compare | — |
| PBLA Panbela Therapeutics Inc. compare | — |
| CMND Clearmind Medicine 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