stockrowImmuCell Corporation
ICCC Healthcare Biotechnology
ImmuCell Corporation’s revenue for fiscal 2025 (year ended December 2025) was $27.6 million, up 4.34% from fiscal 2024.
- Revenue
- +11.5%
- EPS
- +233.3%
- Free cash flow
- +54.9%
- Total debt
- −15.3%
Quarter to June 2026, against a year earlier
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ImmuCell Corporation (ICCC) Beneish M-score
ImmuCell Corporation's Beneish M-score for fiscal 2025 is −3.10; 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 | −3.10 | (0.87) |
| FY2024 | −2.23 | (0.65) |
| FY2023 | −1.58 | 1.03 |
| FY2022 | −2.61 | (0.41) |
| FY2021 | −2.20 | (1.53) |
| FY2020 | −0.67 | 1.46 |
| FY2019 | −2.13 | 1.18 |
| FY2018 | −3.31 | (1.01) |
| FY2017 | −2.31 | (0.17) |
| FY2016 | −2.14 | 1.43 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.87 | — | 0.80 | |
| Gross margin index | 0.72 | — | 0.38 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 0.83 | — | 0.10 | |
| SG&A index | 1.14 | — | −0.20 | |
| Total accruals to total assets | (0.08) | — | −0.39 | |
| Leverage index | 0.90 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.10 | ||
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 |
|---|---|
| CBUS Cibus, Inc. compare | −4.3× |
| ICCC ImmuCell Corporation | −3.1× |
| SEER Seer, Inc. compare | −3.0× |
| VXRT VAXART, INC. compare | 3.7× |
| VANI Vivani Medical, Inc. compare | 12.4× |
| LENZ LENZ Therapeutics, Inc. compare | — |
| NMRA Neumora Therapeutics, Inc. compare | — |
| PLYX Polaryx Therapeutics, Inc. compare | — |
| RTSN Retension Pharmaceuticals, Inc. 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