Gulf Resources, Inc.
GURE Basic Materials Chemicals
Gulf Resources, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $25.4 million, up 231.8% from fiscal 2024. In the quarter to June 2026, revenue grew 54.5%, EPS grew 206.0%, free cash flow fell 1,065.2% and total debt rose 484.8%, each against the same quarter a year earlier.
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Gulf Resources, Inc. (GURE) Beneish M-score
Gulf Resources, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −3.70 | (1.12) |
| FY2021 | −2.58 | 22.19 |
| FY2020 | −24.77 | (21.40) |
| FY2017 | −3.37 | (0.67) |
| FY2016 | −2.70 | (3.66) |
| FY2015 | 0.96 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 9.17 | — | 8.44 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 3.32 | — | 2.96 | |
| Depreciation index | 0.83 | — | 0.10 | |
| SG&A index | 0.27 | — | −0.05 | |
| Total accruals to total assets | (0.39) | — | −1.81 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
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 |
|---|---|
| RYAM Rayonier Advanced Materials Inc. compare | −3.9× |
| ACNT Ascent Industries Co. compare | −2.9× |
| ASIX AdvanSix compare | −2.6× |
| TROX Tronox Holdings PLC compare | −2.4× |
| VHI Valhi, Inc. compare | −2.4× |
| BAK Braskem S.A. compare | −1.5× |
| ASPI ASP Isotopes Inc. compare | 11.9× |
| MKD MOLECULAR DATA compare | — |
| GURE Gulf Resources, Inc. | — |
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