Immatics N.V.
IMTX Healthcare Biotechnology
Immatics N.V.’s revenue for fiscal 2025 (year ended December 2025) was $54.6 million, down 67.6% from fiscal 2024. In the quarter to June 2026, revenue grew 97.7%, EPS grew 19.7% and free cash flow fell 44.4%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Immatics N.V. (IMTX) Beneish M-score
Immatics N.V.'s Beneish M-score for fiscal 2025 is −1.36; 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 | −1.36 | (1.44) |
| FY2024 | 0.07 | (5.32) |
| FY2023 | 5.39 | 6.00 |
| FY2022 | −0.61 | 2.26 |
| FY2021 | −2.87 | 1.87 |
| FY2020 | −4.74 | 4,920.24 |
| FY2019 | −4924.98 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 3.36 | — | 3.09 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.24 | — | 0.50 | |
| Sales growth index | 0.32 | — | 0.29 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 3.56 | — | −0.61 | |
| Total accruals to total assets | (0.04) | — | −0.16 | |
| Leverage index | 0.78 | — | −0.26 | |
| Beneish M-score | Flagged by the model | −1.36 | ||
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 |
|---|---|
| IMTX Immatics N.V. | −1.4× |
| MNKD MannKind Corporation compare | 0.6× |
| DMRA Galecto, Inc. compare | — |
| VOR Vor Biopharma Inc. compare | — |
| JANX Janux Therapeutics, Inc. compare | — |
| BCAX Bicara Therapeutics Inc. compare | — |
| NBTX Nanobiotix S.A. - Sponsored ADR compare | — |
| REPL Replimune Group, Inc. compare | — |
| SVRA Savara 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