Olin Corporation
Olin Corporation’s revenue for fiscal 2025 (year ended December 2025) was $6.8 billion, up 3.68% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 1,100.0%, free cash flow fell 111.6% and total debt rose 1.08%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
Follow OLN
Olin Corporation (OLN) Beneish M-score
Olin Corporation's Beneish M-score for fiscal 2025 is −2.69; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.69 | (0.34) |
| FY2024 | −2.35 | 0.32 |
| FY2023 | −2.67 | 0.21 |
| FY2022 | −2.87 | (0.35) |
| FY2021 | −2.52 | 0.58 |
| FY2020 | −3.10 | (0.56) |
| FY2019 | −2.54 | 0.36 |
| FY2018 | −2.90 | (0.46) |
| FY2017 | −2.45 | (0.05) |
| FY2016 | −2.40 | (1.47) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.86 | — | 0.79 | |
| Gross margin index | 1.52 | — | 0.81 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 1.04 | — | 0.92 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.08) | — | −0.37 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.69 | ||
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 |
|---|---|
| RYAM Rayonier Advanced Materials Inc. compare | −3.9× |
| GPRE Green Plains, Inc. compare | −3.5× |
| CE Celanese Corporation compare | −3.0× |
| HUN Huntsman Corporation compare | −2.9× |
| REX REX American Resources Corporation compare | −2.8× |
| OLN Olin Corporation | −2.7× |
| WLKP Westlake Chemical Partners LP compare | −2.5× |
| TROX Tronox Holdings PLC compare | −2.4× |
| LXU Lsb Industries Inc. compare | −2.3× |
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