Arcus Biosciences, Inc.
RCUS Healthcare Biotechnology
Arcus Biosciences, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $247.0 million, down 4.26% from fiscal 2024. In the quarter to June 2026, revenue fell 74.4%, EPS was flat, free cash flow grew 10.5% and total debt rose 4.12%, each against the same quarter a year earlier.
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Arcus Biosciences, Inc. (RCUS) Beneish M-score
Arcus Biosciences, Inc.'s Beneish M-score for fiscal 2025 is −2.42; 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 | −2.42 | 0.44 |
| FY2024 | −2.86 | (0.46) |
| FY2023 | −2.40 | 4.65 |
| FY2022 | −7.05 | (92.23) |
| FY2021 | 85.18 | 83.48 |
| FY2020 | 1.70 | 2.78 |
| FY2019 | −1.07 | (2.80) |
| FY2018 | 1.73 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.57 | — | 0.53 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.07 | — | 0.43 | |
| Sales growth index | 0.96 | — | 0.85 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.96 | — | −0.16 | |
| Total accruals to total assets | 0.11 | — | 0.53 | |
| Leverage index | 1.22 | — | −0.40 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.42 | ||
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× |
| RCUS Arcus Biosciences, Inc. | −2.4× |
| ZLAB Zai Lab Limited Unsponsored ADR compare | −2.4× |
| ELVN Enliven Therapeutics, Inc. compare | — |
| DYN Dyne Therapeutics, Inc. compare | — |
| DNLI Denali Therapeutics Inc. compare | — |
| CELC Celcuity, Inc. compare | — |
| IDYA IDEAYA Biosciences, Inc. compare | — |
| NRIX Nurix Therapeutics, 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