Obsidian Energy
OBE Energy Oil & Gas E&P
Obsidian Energy’s revenue for fiscal 2025 (year ended December 2025) was $429.3 million, down 28.0% from fiscal 2024. In the quarter to June 2026, revenue grew 58.9%, EPS grew 187.5%, free cash flow fell 143.7% and total debt rose 59.1%, each against the same quarter a year earlier.
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Obsidian Energy (OBE) Beneish M-score
Obsidian Energy's Beneish M-score for fiscal 2025 is −3.03; 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 | −3.03 | 0.52 |
| FY2024 | −3.55 | (0.22) |
| FY2023 | −3.34 | (2.05) |
| FY2022 | −1.29 | (0.18) |
| FY2021 | −1.11 | 6.41 |
| FY2020 | −7.52 | (2.83) |
| FY2019 | −4.70 | (1.01) |
| FY2018 | −3.69 | (0.63) |
| FY2017 | −3.06 | 0.48 |
| FY2016 | −3.54 | 1.46 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.87 | — | 0.80 | |
| Gross margin index | 1.11 | — | 0.59 | |
| Asset quality index | 1.13 | — | 0.46 | |
| Sales growth index | 0.72 | — | 0.64 | |
| Depreciation index | 2.75 | — | 0.32 | |
| SG&A index | 1.53 | — | −0.26 | |
| Total accruals to total assets | (0.11) | — | −0.52 | |
| Leverage index | 0.65 | — | −0.21 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.03 | ||
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 |
|---|---|
| EGY Vaalco Energy Inc compare | −4.5× |
| INR Infinity Natural Resources Inc. compare | −4.2× |
| WTI W&T Offshore, Inc. compare | −3.8× |
| VTS Vitesse Energy, Inc. compare | −3.4× |
| GRNT Granite Ridge Resources, Inc. compare | −3.2× |
| OBE Obsidian Energy | −3.0× |
| TXO TXO Partners LP compare | −2.9× |
| REPX Riley Exploration Permian, Inc. compare | −2.7× |
| GPRK Geopark Ltd 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