Ero Copper Corp.
Ero Copper Corp.’s revenue for fiscal 2025 (year ended December 2025) was $785.8 million, up 67.1% from fiscal 2024. In the quarter to March 2026, revenue grew 110.4%, EPS grew 35.1%, free cash flow grew 441.3% and total debt fell 9.59%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Ero Copper Corp. (ERO) Beneish M-score
Ero Copper Corp.'s Beneish M-score for fiscal 2025 is −2.01; 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) |
|---|---|---|
| FY2025 | −2.01 | (0.67) |
| FY2024 | −1.34 | 1.50 |
| FY2023 | −2.84 | 0.62 |
| FY2022 | −3.46 | (0.38) |
| FY2021 | −3.08 | (0.66) |
| FY2020 | −2.42 | 0.23 |
| FY2019 | −2.65 | (0.19) |
| FY2018 | −2.45 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.19 | — | 1.09 | |
| Gross margin index | 0.88 | — | 0.46 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 1.67 | — | 1.49 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 0.74 | — | −0.13 | |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 0.80 | — | −0.26 | |
| Beneish M-score | Elevated | −2.01 | ||
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 |
|---|---|
| IE Ivanhoe Electric Inc. compare | −3.5× |
| HBM HudBay Minerals Inc compare | −2.1× |
| FCX Freeport-McMoRan Inc. compare | −2.1× |
| SCCO Southern Copper Corporation compare | −2.1× |
| ERO Ero Copper Corp. | −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