Revolution Medicines, Inc.
RVMD Healthcare Biotechnology
Revolution Medicines, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $11.6 million, down 67.3% from fiscal 2022. In the quarter to June 2026, EPS fell 133.6%, free cash flow fell 70.0% and total debt rose 322.7%, each against the same quarter a year earlier.
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Revolution Medicines, Inc. (RVMD) Beneish M-score
Revolution Medicines, Inc.'s Beneish M-score for fiscal 2023 is −4.29; 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) |
|---|---|---|
| FY2023 | −4.29 | (1.59) |
| FY2022 | −2.69 | 0.25 |
| FY2021 | −2.95 | 0.18 |
| FY2020 | −3.12 | (1.46) |
| FY2019 | −1.66 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.82 | — | 0.75 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.47 | — | 0.19 | |
| Sales growth index | 0.33 | — | 0.29 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 5.69 | — | −0.98 | |
| Total accruals to total assets | (0.04) | — | −0.19 | |
| Leverage index | 0.47 | — | −0.16 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.29 | ||
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 |
|---|---|
| RVMD Revolution Medicines, Inc. | −4.3× |
| GMAB Genmab A/S Sponsored ADR compare | −3.0× |
| RPRX Royalty Pharma PLC compare | −2.8× |
| BNTX BioNTech SE Sponsored ADR compare | −2.7× |
| ONC BeOne Medicines Ltd. - Sponsored ADR compare | −2.7× |
| INCY Incyte Corporation compare | −2.4× |
| ALNY Alnylam Pharmaceuticals, Inc. compare | −2.0× |
| ARGX argenex SE compare | −1.5× |
| ROIV Roivant Sciences Ltd. 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