Euroseas Ltd.
ESEA Industrials Marine Shipping
Euroseas Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $227.9 million, up 7.03% from fiscal 2024. In the quarter to June 2026, revenue fell 1.28%, EPS grew 10.4%, free cash flow fell 70.1% and total debt fell 9.17%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five; insiders bought in the last twelve months.
Follow ESEA
Euroseas Ltd. (ESEA) Beneish M-score
Euroseas Ltd.'s Beneish M-score for fiscal 2025 is −1.70; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.70 | 0.94 |
| FY2024 | −2.63 | 0.26 |
| FY2023 | −2.90 | (2.33) |
| FY2022 | −0.57 | 1.39 |
| FY2021 | −1.96 | 0.14 |
| FY2020 | −2.10 | 0.85 |
| FY2019 | −2.95 | (0.28) |
| FY2018 | −2.67 | (0.51) |
| FY2017 | −2.16 | 2.19 |
| FY2016 | −4.34 | (1.66) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.02 | — | 1.86 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.56 | — | 0.23 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 0.88 | — | 0.10 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | (0.01) | — | −0.03 | |
| Leverage index | 0.89 | — | −0.29 | |
| Beneish M-score | Flagged by the model | −1.70 | ||
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 |
|---|---|
| ASC Ardmore Shipping Corporation compare | −3.1× |
| HSHP Himalaya Shipping Ltd. compare | −2.9× |
| DSX Diana Shipping inc. compare | −2.8× |
| SMHI SEACOR Marine Holdings Inc. compare | −2.5× |
| PANL Pangaea Logistics Solutions Ltd. compare | −2.5× |
| SHIP Seanergy Maritime Holdings Corp compare | −2.0× |
| ESEA Euroseas Ltd. | −1.7× |
| GASS StealthGas, Inc. compare | 6.6× |
| CMDB Costamare Bulkers Holdings Limited 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