Mercer International Inc.
MERC Basic Materials Paper & Paper Products
Mercer International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, down 8.58% from fiscal 2024. In the quarter to June 2026, revenue grew 1.49%, EPS grew 12.4%, free cash flow grew 5.46% and total debt rose 7.12%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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Mercer International Inc. (MERC) Beneish M-score
Mercer International Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2024 | −3.55 | (1.05) |
| FY2022 | −2.50 | (0.09) |
| FY2021 | −2.41 | 0.08 |
| FY2020 | −2.48 | 0.05 |
| FY2019 | −2.53 | (1.26) |
| FY2018 | −1.27 | 0.92 |
| FY2017 | −2.19 | 0.86 |
| FY2016 | −3.04 | 0.09 |
| FY2015 | −3.13 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.00 | — | 0.92 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 0.68 | — | 0.27 | |
| Sales growth index | 0.91 | — | 0.82 | |
| Depreciation index | 1.12 | — | 0.13 | |
| SG&A index | 1.08 | — | −0.18 | |
| Total accruals to total assets | (0.25) | — | −1.16 | |
| Leverage index | 1.21 | — | −0.40 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
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 |
|---|---|
| ITP IT Tech Packaging Inc compare | −3.6× |
| CLW Clearwater Paper Corporation compare | −2.9× |
| SUZ Suzano S.A. Sponsored ADR compare | −2.7× |
| SLVM Sylvamo Corporation compare | −2.6× |
| MERC Mercer International Inc. | — |
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