Guardant Health, Inc.
GH Healthcare Diagnostics & Research
Guardant Health, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $982.0 million, up 32.9% from fiscal 2024. In the quarter to June 2026, revenue grew 44.3%, EPS fell 12.5%, free cash flow fell 5.46% and total debt rose 34.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Guardant Health, Inc. (GH) Beneish M-score
Guardant Health, Inc.'s Beneish M-score for fiscal 2025 is −2.78; 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 | −2.78 | 0.10 |
| FY2024 | −2.88 | (0.14) |
| FY2023 | −2.74 | 1.06 |
| FY2022 | −3.81 | (2.29) |
| FY2021 | −1.52 | 2.24 |
| FY2020 | −3.76 | (2.36) |
| FY2019 | −1.40 | 0.36 |
| FY2018 | −1.76 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.94 | — | 0.87 | |
| Gross margin index | 0.94 | — | 0.50 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.33 | — | 1.19 | |
| Depreciation index | 1.10 | — | 0.13 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.11) | — | −0.54 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.78 | ||
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 |
|---|---|
| CRL Charles River Laboratories International, Inc. compare | −3.1× |
| MEDP Medpace Holdings, Inc. compare | −2.9× |
| GH Guardant Health, Inc. | −2.8× |
| DGX Quest Diagnostics Incorporated compare | −2.6× |
| ICLR ICON PLC compare | −2.6× |
| LH Labcorp Holdings Inc. compare | −2.6× |
| ILMN Illumina, Inc. compare | −2.5× |
| RVTY Revvity Inc. compare | −2.5× |
| MTD Mettler-Toledo International, Inc. compare | −2.4× |
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