Scienture Holdings, Inc.
SCNX Healthcare Pharmaceutical Retailers
Scienture Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $431,600.00, up 216.0% from fiscal 2024. In the quarter to June 2026, revenue grew 3,235.9%, EPS grew 85.4%, free cash flow fell 54.0% and total debt rose 831.4%, each against the same quarter a year earlier.
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Scienture Holdings, Inc. (SCNX) Beneish M-score
Scienture Holdings, Inc.'s Beneish M-score for fiscal 2025 is −3.19; 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 | −3.19 | (22.71) |
| FY2024 | 19.51 | 5.31 |
| FY2023 | 14.21 | 18.08 |
| FY2022 | −3.87 | 0.47 |
| FY2021 | −4.34 | (3.15) |
| FY2020 | −1.19 | 0.53 |
| FY2019 | −1.72 | 0.75 |
| FY2018 | −2.47 | (1.24) |
| FY2017 | −1.24 | 12.12 |
| FY2016 | −13.36 | (10.12) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.06 | — | 0.05 | |
| Gross margin index | 0.06 | — | 0.03 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 3.16 | — | 2.82 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 0.36 | — | −0.06 | |
| Total accruals to total assets | (0.33) | — | −1.56 | |
| Leverage index | 0.40 | — | −0.13 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.19 | ||
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 |
|---|---|
| BIMI BIMI Holdings Inc. compare | −5.0× |
| PETS PetMed Express, Inc. compare | −4.8× |
| SCNX Scienture Holdings, Inc. | −3.2× |
| HITI High Tide Inc. compare | −3.0× |
| RDGT Ridgetech Inc. compare | −2.3× |
| MDVLQ MedAvail Holdings, Inc. compare | −2.1× |
| POM Pomdoctor Limited - Sponsored ADR compare | 0.8× |
| MEDS DataMeds AI, 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