Golar LNG Limited
GLNG Energy Oil & Gas Midstream
Golar LNG Limited’s revenue for fiscal 2025 (year ended December 2025) was $393.5 million, up 51.1% from fiscal 2024. In the quarter to June 2026, revenue grew 100.9%, EPS fell 30.2%, free cash flow grew 33.2% and total debt rose 37.3%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Golar LNG Limited (GLNG) Beneish M-score
Golar LNG Limited's Beneish M-score for fiscal 2025 is −1.08; 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 | −1.08 | 1.99 |
| FY2024 | −3.07 | (0.37) |
| FY2023 | −2.70 | (1.40) |
| FY2022 | −1.30 | (3.20) |
| FY2021 | 1.90 | 4.69 |
| FY2020 | −2.79 | 0.64 |
| FY2019 | −3.43 | (2.49) |
| FY2018 | −0.93 | 0.87 |
| FY2017 | −1.80 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.79 | — | 0.73 | |
| Gross margin index | 0.90 | — | 0.47 | |
| Asset quality index | 5.01 | — | 2.02 | |
| Sales growth index | 1.51 | — | 1.35 | |
| Depreciation index | 0.65 | — | 0.08 | |
| SG&A index | 0.71 | — | −0.12 | |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 1.39 | — | −0.46 | |
| Beneish M-score | Flagged by the model | −1.08 | ||
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 |
|---|---|
| BWLP BW LPG Limited compare | −2.9× |
| EE Excelerate Energy, Inc. compare | −2.6× |
| INSW International Seaways Inc. compare | −2.5× |
| TRMD TORM PLC compare | −2.5× |
| STNG Scorpio Tankers Inc. compare | −2.3× |
| CMBT CMB.TECH nv compare | −2.2× |
| SUNC SunocoCorp LLC compare | −2.1× |
| DHT DHT Holdings, Inc. compare | −2.0× |
| GLNG Golar LNG Limited | −1.1× |
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