Onterris, Inc.
ONT Industrials Waste Management
Onterris, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $830.5 million, up 19.3% from fiscal 2024. In the quarter to June 2026, revenue fell 20.4%, EPS fell 91.7%, free cash flow fell 96.2% and total debt rose 27.0%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Onterris, Inc. (ONT) Beneish M-score
Onterris, Inc.'s Beneish M-score for fiscal 2025 is −3.05; 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 | −3.05 | (0.47) |
| FY2024 | −2.59 | 0.23 |
| FY2023 | −2.82 | 0.08 |
| FY2022 | −2.90 | (0.79) |
| FY2021 | −2.11 | 0.65 |
| FY2020 | −2.76 | 0.22 |
| FY2019 | −2.98 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.82 | — | 0.75 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.19 | — | 1.06 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 0.87 | — | −0.15 | |
| Total accruals to total assets | (0.11) | — | −0.52 | |
| Leverage index | 1.25 | — | −0.41 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.05 | ||
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 |
|---|---|
| ONT Onterris, Inc. | −3.1× |
| CWST Casella Waste Systems, Inc. compare | −2.8× |
| PESI Perma-Fix Environmental Services, Inc. compare | −2.8× |
| AMBIQ Ambipar Emergency Response compare | −2.4× |
| ENGS Energys Group Limited compare | −2.0× |
| LNZA LanzaTech Global, Inc. compare | −1.4× |
| YDDL One and One Green Technologies. Inc compare | 3.2× |
| LICYQ Li-Cycle Holdings Corp. compare | — |
| ABAT American Battery Technology Company 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