Inventiva S.A. Sponsored ADR
Inventiva S.A. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $9.0 million, down 43.7% from fiscal 2024.
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Inventiva S.A. Sponsored ADR (IVA) Beneish M-score
Inventiva S.A. Sponsored ADR's Beneish M-score for fiscal 2025 is −7.91; 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 | −7.91 | (0.57) |
| FY2024 | −7.35 | (6.25) |
| FY2023 | −1.09 | 2.41 |
| FY2022 | −3.50 | (1.18) |
| FY2021 | −2.33 | 0.41 |
| FY2020 | −2.73 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.46 | — | 1.34 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.40 | — | 0.16 | |
| Sales growth index | 0.56 | — | 0.50 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 5.52 | — | −0.95 | |
| Total accruals to total assets | (1.00) | — | −4.67 | |
| Leverage index | 0.30 | — | −0.10 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −7.91 | ||
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 |
|---|---|
| IVA Inventiva S.A. Sponsored ADR | −7.9× |
| DNA Ginkgo Bioworks Holdings, Inc. compare | −2.8× |
| GERN Geron Corporation compare | −1.7× |
| LXRX Lexicon Pharmaceuticals, Inc. compare | −1.2× |
| SANA Sana Biotechnology, Inc. compare | — |
| ACHV Achieve Life Sciences, Inc. compare | — |
| FDMT 4D Molecular Therapeutics, Inc. compare | — |
| ANL Adlai Nortye Ltd. Sponsored ADR compare | — |
| IMMX Immix Biopharma, 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