Puma Biotechnology, Inc.
PBYI Healthcare Biotechnology
Puma Biotechnology, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $228.4 million, down 0.91% from fiscal 2024. In the quarter to June 2026, revenue grew 7.75%, EPS grew 33.3%, free cash flow fell 88.5% and total debt fell 79.8%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Puma Biotechnology, Inc. (PBYI) Beneish M-score
Puma Biotechnology, Inc.'s Beneish M-score for fiscal 2025 is −2.06; 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 | −2.06 | 0.84 |
| FY2024 | −2.90 | (0.45) |
| FY2023 | −2.45 | (0.63) |
| FY2022 | −1.81 | 1.45 |
| FY2021 | −3.27 | 0.30 |
| FY2020 | −3.57 | 0.35 |
| FY2019 | −3.91 | (6.11) |
| FY2018 | 2.20 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.69 | — | 1.56 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.81 | — | 0.33 | |
| Sales growth index | 0.99 | — | 0.88 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 0.89 | — | −0.15 | |
| Total accruals to total assets | (0.05) | — | −0.23 | |
| Leverage index | 0.68 | — | −0.22 | |
| Beneish M-score | Elevated | −2.06 | ||
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 |
|---|---|
| CYVNY Ceryvyn Therapeutics Ltd. - Unsponsored ADR compare | −3.6× |
| VALN Valneva SE Sponsored ADR compare | −3.3× |
| PBYI Puma Biotechnology, Inc. | −2.1× |
| CTMX CytomX Therapeutics, Inc. compare | −1.1× |
| STTK Shattuck Labs, Inc. compare | — |
| FTH Faeth Therapeutics, Inc. compare | — |
| DBVT DBV Technologies S.A. compare | — |
| VECT VectivBio Holding AG compare | — |
| DRUG Bright Minds Biosciences Inc. 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