Performance Shipping Inc.
PSHG Industrials Marine Shipping
Performance Shipping Inc.’s revenue for fiscal 2025 (year ended December 2025) was $84.2 million, down 3.74% from fiscal 2024. In the quarter to June 2026, revenue grew 58.3%, EPS fell 66.1%, free cash flow fell 134.7% and total debt rose 608.8%, each against the same quarter a year earlier.
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Performance Shipping Inc. (PSHG) Beneish M-score
Performance Shipping Inc.'s Beneish M-score for fiscal 2025 is −3.01; 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 | −3.01 | (0.14) |
| FY2024 | −2.87 | (0.54) |
| FY2023 | −2.33 | (0.49) |
| FY2022 | −1.84 | (5.53) |
| FY2021 | 3.69 | 2.55 |
| FY2020 | 1.14 | (134.73) |
| FY2019 | 135.87 | 141.57 |
| FY2018 | −5.70 | (3.02) |
| FY2015 | −2.68 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 0.54 | — | 0.22 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 1.66 | — | 0.19 | |
| SG&A index | 1.21 | — | −0.21 | |
| Total accruals to total assets | 0.00 | — | −0.00 | |
| Leverage index | 2.54 | — | −0.83 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.01 | ||
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 |
|---|---|
| HTCO Caravelle International Group compare | −5.1× |
| PSHG Performance Shipping Inc. | −3.0× |
| GLBS Globus Maritime Limited compare | −2.7× |
| USEA United Maritime Corporation compare | −2.3× |
| UFG Uni-Fuels Holdings Limited compare | −1.8× |
| CTRM Castor Maritime Inc. compare | −1.6× |
| EHLD Euroholdings Ltd. compare | −0.6× |
| VNTG Vantage Corp compare | 7.9× |
| SVRN SVRN, 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