Odyssey Marine Exploration, Inc.
OMEX Basic Materials Other Industrial Metals & Mining
Odyssey Marine Exploration, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $353,700.00, down 54.0% from fiscal 2024. In the quarter to June 2026, revenue fell 42.3%, EPS grew 66.7%, free cash flow fell 136.1% and total debt fell 59.7%, each against the same quarter a year earlier.
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Odyssey Marine Exploration, Inc. (OMEX) Beneish M-score
Odyssey Marine Exploration, Inc.'s Beneish M-score for fiscal 2025 is −15.20; 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 | −15.20 | (15.53) |
| FY2024 | 0.33 | (19.88) |
| FY2023 | 20.21 | 29.43 |
| FY2022 | −9.21 | (2.68) |
| FY2021 | −6.54 | 1.35 |
| FY2020 | −7.89 | 1.97 |
| FY2019 | −9.86 | (6.94) |
| FY2018 | −2.92 | 7.98 |
| FY2017 | −10.90 | (7.14) |
| FY2016 | −3.76 | 0.48 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.51 | — | 0.47 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.05 | — | 0.43 | |
| Sales growth index | 0.46 | — | 0.41 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 2.47 | — | −0.42 | |
| Total accruals to total assets | (2.50) | — | −11.70 | |
| Leverage index | 0.56 | — | −0.18 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −15.20 | ||
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 |
|---|---|
| OMEX Odyssey Marine Exploration, Inc. | −15.2× |
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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