stockrowuniQure N.V.
QURE Healthcare Biotechnology
uniQure N.V.’s revenue for fiscal 2025 (year ended December 2025) was $16.1 million, down 40.6% from fiscal 2024.
- Revenue
- +40.4%
- EPS
- +36.5%
- Free cash flow
- +27.7%
- Total debt
- −2.96%
Quarter to September 2026, against a year earlier
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uniQure N.V. (QURE) Beneish M-score
uniQure N.V.'s Beneish M-score for fiscal 2025 is −2.95; 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 | −2.95 | (0.54) |
| FY2024 | −2.41 | 0.80 |
| FY2023 | −3.21 | (6.50) |
| FY2022 | 3.29 | (6.04) |
| FY2021 | 9.33 | 7.28 |
| FY2020 | 2.04 | (0.41) |
| FY2019 | 2.46 | 6.26 |
| FY2018 | −3.80 | 0.13 |
| FY2017 | −3.93 | (2.88) |
| FY2016 | −1.06 | 3.09 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.68 | — | 1.55 | |
| Gross margin index | 0.36 | — | 0.19 | |
| Asset quality index | 0.72 | — | 0.29 | |
| Sales growth index | 0.59 | — | 0.53 | |
| Depreciation index | 0.74 | — | 0.09 | |
| SG&A index | 2.09 | — | −0.36 | |
| Total accruals to total assets | (0.03) | — | −0.12 | |
| Leverage index | 0.83 | — | −0.27 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.95 | ||
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 |
|---|---|
| PGEN Precigen, Inc. compare | −7.7× |
| QURE uniQure N.V. | −3.0× |
| OCUL Ocular Therapeutix, Inc. compare | −2.9× |
| IMCR Immunocore Holdings PLC Sponsored ADR compare | −2.4× |
| AAPG Ascentage Pharma Group International - Unsponsored ADR compare | 0.6× |
| NUVB Nuvation Bio Inc. compare | 2.2× |
| TYRA Tyra Biosciences, Inc. compare | — |
| ADRX ADARx Pharmaceuticals, Inc. compare | — |
| NBTX Nanobiotix S.A. - Sponsored ADR 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