Madrigal Pharmaceuticals, Inc.
MDGL Healthcare Biotechnology
Madrigal Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $958.4 million, up 432.1% from fiscal 2024. In the quarter to June 2026, revenue grew 71.2%, EPS fell 32.9%, free cash flow grew 140.5% and total debt rose 187.9%, each against the same quarter a year earlier.
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Madrigal Pharmaceuticals, Inc. (MDGL) Beneish M-score
Madrigal Pharmaceuticals, Inc.'s Beneish M-score for fiscal 2025 is 0.50; 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 | 0.50 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.47 | — | 0.43 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 1.43 | — | 0.58 | |
| Sales growth index | 5.32 | — | 4.75 | |
| Depreciation index | 0.69 | — | 0.08 | |
| SG&A index | 0.35 | — | −0.06 | |
| Total accruals to total assets | (0.08) | — | −0.37 | |
| Leverage index | 1.88 | — | −0.61 | |
| Beneish M-score | Flagged by the model | 0.50 | ||
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 |
|---|---|
| SMMT Summit Therapeutics PLC compare | −5.0× |
| CORT Corcept Therapeutics Incorporated compare | −2.8× |
| TECH Bio-Techne Corp compare | −2.5× |
| BMRN BioMarin Pharmaceutical Inc. compare | −2.5× |
| KRYS Krystal Biotech, Inc. compare | −2.3× |
| MDGL Madrigal Pharmaceuticals, Inc. | 0.5× |
| IBRX ImmunityBio, Inc. compare | 4.6× |
| KYMR Kymera Therapeutics, Inc. compare | — |
| PCVX Vaxcyte, 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