Origin Agritech Limited
SEED Basic Materials Agricultural Inputs
Origin Agritech Limited’s revenue for fiscal 2025 (year ended September 2025) was $12.8 million, down 20.6% from fiscal 2024.
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Origin Agritech Limited (SEED) Beneish M-score
Origin Agritech Limited's Beneish M-score for fiscal 2025 is −3.34; 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 | −3.34 | (4.75) |
| FY2024 | 1.41 | (0.16) |
| FY2023 | 1.57 | 3.00 |
| FY2022 | −1.43 | 7.05 |
| FY2021 | −8.48 | (4.57) |
| FY2020 | −3.91 | 0.01 |
| FY2016 | −3.92 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.06 | — | 0.98 | |
| Gross margin index | 2.02 | — | 1.07 | |
| Asset quality index | 2.14 | — | 0.86 | |
| Sales growth index | 0.79 | — | 0.71 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 1.39 | — | −0.24 | |
| Total accruals to total assets | (0.35) | — | −1.63 | |
| Leverage index | 1.08 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.34 | ||
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 |
|---|---|
| LVROF Lavoro Limited compare | −5.8× |
| SANW S&W Seed Company compare | −3.8× |
| SEED Origin Agritech Limited | −3.3× |
| BHILQ Benson Hill, Inc. compare | −3.3× |
| AVD American Vanguard Corporation compare | −2.9× |
| ENFY Enlightify Inc. compare | −2.8× |
| NXTS Nexentis Technologies Inc. compare | −1.4× |
| BIOX Bioceres Crop Solutions Corp. compare | — |
| YTENQ Metabolix, 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