HighPeak Energy, Inc.
HPK Energy Oil & Gas E&P
HighPeak Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $863.4 million, down 22.7% from fiscal 2024. In the quarter to June 2026, revenue grew 25.8%, EPS grew 215.8%, free cash flow grew 41.0% and total debt rose 15.7%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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HighPeak Energy, Inc. (HPK) Beneish M-score
HighPeak Energy, Inc.'s Beneish M-score for fiscal 2025 is −3.61; 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 | −3.61 | (0.04) |
| FY2024 | −3.57 | (0.99) |
| FY2023 | −2.58 | (1.02) |
| FY2022 | −1.56 | (4.44) |
| FY2021 | 2.88 | 4.38 |
| FY2020 | −1.50 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.84 | — | 0.78 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 1.00 | — | 0.41 | |
| Sales growth index | 0.77 | — | 0.69 | |
| Depreciation index | 1.20 | — | 0.14 | |
| SG&A index | 1.51 | — | −0.26 | |
| Total accruals to total assets | (0.15) | — | −0.72 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.61 | ||
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 |
|---|---|
| INR Infinity Natural Resources Inc. compare | −4.2× |
| VET Vermilion Energy Inc. compare | −4.1× |
| DMLP Dorchester Minerals, L.P. compare | −4.1× |
| HPK HighPeak Energy, Inc. | −3.6× |
| KOS Kosmos Energy Ltd. compare | −3.0× |
| REPX Riley Exploration Permian, Inc. compare | −2.7× |
| GFR Greenfire Resources Ltd. compare | −2.3× |
| MNR Mach Natural Resources LP compare | −2.3× |
| TBN Tamboran Resources Corporation 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