Kimbell Royalty
KRP Energy Oil & Gas E&P
Kimbell Royalty’s revenue for fiscal 2025 (year ended December 2025) was $333.8 million, up 7.93% from fiscal 2024. In the quarter to June 2026, revenue grew 30.0%, EPS grew 1,900.0%, free cash flow fell 66.7% and total debt rose 3.59%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Kimbell Royalty (KRP) Beneish M-score
Kimbell Royalty's Beneish M-score for fiscal 2025 is −3.15; 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 | −3.15 | 0.57 |
| FY2024 | −3.73 | (0.71) |
| FY2023 | −3.01 | (4.82) |
| FY2022 | 1.81 | 3.93 |
| FY2021 | −2.12 | 3.08 |
| FY2020 | −5.19 | (1.68) |
| FY2019 | −3.51 | (4.21) |
| FY2018 | 0.70 | (4.47) |
| FY2017 | 5.16 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.72 | — | 0.67 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.61 | — | 0.65 | |
| Sales growth index | 1.08 | — | 0.96 | |
| Depreciation index | 1.16 | — | 0.13 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.12) | — | −0.56 | |
| Leverage index | 1.63 | — | −0.53 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.15 | ||
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 |
|---|---|
| VET Vermilion Energy Inc. compare | −4.1× |
| DMLP Dorchester Minerals, L.P. compare | −4.1× |
| TALO Talos Energy Inc. compare | −3.9× |
| KRP Kimbell Royalty | −3.2× |
| KOS Kosmos Energy Ltd. compare | −3.0× |
| NOG Northern Oil and Gas, Inc. compare | −2.8× |
| GFR Greenfire Resources Ltd. compare | −2.3× |
| MNR Mach Natural Resources LP compare | −2.3× |
| BKV BKV Corporation compare | −1.9× |
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