Pacific Biosciences of California, Inc.
PACB Healthcare Medical Devices
Pacific Biosciences of California, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $160.0 million, up 3.89% from fiscal 2024. In the quarter to June 2026, revenue fell 1.91%, EPS was flat, free cash flow fell 31.0% and total debt was flat, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Pacific Biosciences of California, Inc. (PACB) Beneish M-score
Pacific Biosciences of California, Inc.'s Beneish M-score for fiscal 2025 is −5.14; 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 | −5.14 | (1.97) |
| FY2024 | −3.16 | (1.68) |
| FY2023 | −1.48 | 1.35 |
| FY2022 | −2.83 | (1.83) |
| FY2021 | −1.00 | 1.34 |
| FY2020 | −2.35 | (3.06) |
| FY2019 | 0.72 | 4.51 |
| FY2018 | −3.79 | (0.61) |
| FY2017 | −3.18 | (1.81) |
| FY2016 | −1.38 | (158.25) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.24 | — | 1.14 | |
| Gross margin index | 0.85 | — | 0.45 | |
| Asset quality index | 0.84 | — | 0.34 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 0.78 | — | −0.13 | |
| Total accruals to total assets | (0.56) | — | −2.60 | |
| Leverage index | 1.62 | — | −0.53 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −5.14 | ||
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 |
|---|---|
| PACB Pacific Biosciences of California, Inc. | −5.1× |
| CTKB Cytek Biosciences, Inc. compare | −3.3× |
| SGHT Sight Sciences, Inc. compare | −3.0× |
| TCMD Tactile Systems Technology, Inc. compare | −2.8× |
| DCTH Delcath Systems, Inc. compare | −2.7× |
| KIDS OrthoPediatrics Corp. compare | −2.7× |
| MASS 908 Devices Inc. compare | −2.5× |
| BWAY Brainsway Ltd. Sponsored ADR compare | −2.5× |
| SSII SS Innovations International, Inc. compare | −0.7× |
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