Kenon Holdings Ltd.
KEN Utilities Utilities Independent Power Producers
Kenon Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $871.9 million, up 16.1% from fiscal 2024. In the quarter to June 2026, revenue grew 93.4%, EPS grew 750.0%, free cash flow fell 3,783.3% and total debt rose 112.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Kenon Holdings Ltd. (KEN) Beneish M-score
Kenon Holdings Ltd.'s Beneish M-score for fiscal 2025 is −1.98; 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 | −1.98 | 0.46 |
| FY2024 | −2.44 | 0.42 |
| FY2023 | −2.86 | 0.01 |
| FY2022 | −2.87 | (1.69) |
| FY2021 | −1.17 | 0.30 |
| FY2020 | −1.47 | 1.32 |
| FY2019 | −2.79 | (2.39) |
| FY2018 | −0.40 | 4.00 |
| FY2017 | −4.40 | (8.54) |
| FY2016 | 4.14 | 7.16 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.47 | — | 1.35 | |
| Gross margin index | 1.14 | — | 0.60 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.16 | — | 1.04 | |
| Depreciation index | 1.49 | — | 0.17 | |
| SG&A index | 1.08 | — | −0.19 | |
| Total accruals to total assets | (0.03) | — | −0.12 | |
| Leverage index | 1.16 | — | −0.38 | |
| Beneish M-score | Elevated | −1.98 | ||
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 |
|---|---|
| HNRG Hallador Energy Company compare | −2.9× |
| VST Vistra Corp. compare | −2.5× |
| TLN Talen Energy Corporation compare | −2.5× |
| NRG NRG Energy, Inc. compare | −2.5× |
| CEG Constellation Energy Corporation compare | −2.4× |
| KEN Kenon Holdings Ltd. | −2.0× |
| DGXX Digi Power X Inc. compare | — |
| OKLO Oklo 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