Fortress Biotech, Inc.
FBIO Healthcare Biotechnology
Fortress Biotech, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $63.3 million, up 9.69% from fiscal 2024. In the quarter to June 2026, revenue grew 14.0%, EPS fell 116.0%, free cash flow fell 115.4% and total debt fell 35.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Fortress Biotech, Inc. (FBIO) Beneish M-score
Fortress Biotech, Inc.'s Beneish M-score for fiscal 2025 is −0.01; 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 | −0.01 | 3.97 |
| FY2024 | −3.98 | (0.48) |
| FY2023 | −3.49 | (0.59) |
| FY2022 | −2.91 | 0.08 |
| FY2021 | −2.98 | (0.81) |
| FY2020 | −2.17 | (0.80) |
| FY2019 | −1.37 | 2.34 |
| FY2018 | −3.71 | (0.78) |
| FY2017 | −2.93 | (18.14) |
| FY2016 | 15.20 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.62 | — | 2.41 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.91 | — | 0.37 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | 0.18 | — | 0.83 | |
| Leverage index | 0.61 | — | −0.20 | |
| Beneish M-score | Flagged by the model | −0.01 | ||
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 |
|---|---|
| XBIT XBiotech Inc. compare | −4.2× |
| HYFT MindWalk Holdings Corp. compare | −3.7× |
| SPRO Spero Therapeutics, Inc. compare | −1.0× |
| FBIO Fortress Biotech, Inc. | 0.0× |
| VRCA Verrica Pharmaceuticals Inc. compare | 14.2× |
| NMAD Nomad Power Solutions, Inc. compare | — |
| APLM Apollomics Inc. compare | — |
| CING Cingulate Inc. compare | — |
| OSTX OS Therapies Incorporated 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