Evolution Petroleum Corporation, Inc.
EPM Energy Oil & Gas E&P
Evolution Petroleum Corporation, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $86.3 million, up 0.59% from fiscal 2025. In the quarter to June 2026, revenue grew 14.7%, EPS grew 30.0%, free cash flow grew 333.6% and total debt rose 50.7%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Evolution Petroleum Corporation, Inc. (EPM) Beneish M-score
Evolution Petroleum Corporation, Inc.'s Beneish M-score for fiscal 2026 is −3.01; 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) |
|---|---|---|
| FY2026 | −3.01 | 0.66 |
| FY2025 | −3.67 | (0.40) |
| FY2024 | −3.27 | (0.01) |
| FY2023 | −3.26 | (4.50) |
| FY2022 | 1.24 | 5.61 |
| FY2021 | −4.37 | (2.57) |
| FY2020 | −1.80 | 1.13 |
| FY2019 | −2.93 | (0.45) |
| FY2018 | −2.48 | 0.13 |
| FY2017 | −2.61 | 0.54 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.93 | — | 0.85 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.83 | — | 0.74 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.15) | — | −0.72 | |
| Leverage index | 1.27 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.01 | ||
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 |
|---|---|
| EP Empire Petroleum Corporation compare | −7.7× |
| PED Pedevco Corp. compare | −3.4× |
| EPSN Epsilon Energy Ltd. compare | −3.3× |
| EPM Evolution Petroleum Corporation, Inc. | −3.0× |
| KGEI Kolibri Global Energy Inc. compare | −2.8× |
| AMPY Amplify Energy Corp. compare | −2.5× |
| ANNA AleAnna Inc. compare | 9.9× |
| SJT San Juan Basin Royalty Trust compare | — |
| GLND Greenland Energy Company 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