Epsilon Energy Ltd.
EPSN Energy Oil & Gas E&P
Epsilon Energy Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $51.6 million, up 63.7% from fiscal 2024. In the quarter to June 2026, revenue grew 57.1%, EPS grew 242.9% and free cash flow grew 123.8%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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Epsilon Energy Ltd. (EPSN) Beneish M-score
Epsilon Energy Ltd.'s Beneish M-score for fiscal 2025 is −3.33; 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 | −3.33 | (0.13) |
| FY2024 | −3.20 | (1.90) |
| FY2023 | −1.30 | 0.67 |
| FY2022 | −1.97 | 0.61 |
| FY2021 | −2.58 | 0.68 |
| FY2020 | −3.26 | (0.38) |
| FY2019 | −2.88 | (0.77) |
| FY2018 | −2.11 | 1.97 |
| FY2017 | −4.08 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.69 | — | 1.55 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.94 | — | 0.38 | |
| Sales growth index | 1.64 | — | 1.46 | |
| Depreciation index | 1.45 | — | 0.17 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.12) | — | −0.54 | |
| Leverage index | 5.71 | — | −1.87 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.33 | ||
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. | −3.3× |
| EPM Evolution Petroleum Corporation, Inc. compare | −3.0× |
| KGEI Kolibri Global Energy Inc. compare | −2.8× |
| AMPY Amplify Energy Corp. compare | −2.5× |
| ANNA AleAnna Inc. compare | 9.9× |
| GLND Greenland Energy Company compare | — |
| SJT San Juan Basin Royalty Trust 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