SES AI Corporation
SES Consumer Cyclical Auto Parts
SES AI Corporation’s revenue for fiscal 2025 (year ended December 2025) was $21.0 million, up 929.4% from fiscal 2024. In the quarter to June 2026, revenue grew 43.8%, EPS grew 28.6% and free cash flow fell 24.6%, each against the same quarter a year earlier.
Follow SES
SES AI Corporation (SES) Beneish M-score
SES AI Corporation's Beneish M-score for fiscal 2025 is 5.72; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 5.72 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.49 | — | 0.45 | |
| Gross margin index | 1.17 | — | 0.62 | |
| Asset quality index | 2.26 | — | 0.91 | |
| Sales growth index | 10.29 | — | 9.18 | |
| Depreciation index | 0.68 | — | 0.08 | |
| SG&A index | 0.07 | — | −0.01 | |
| Total accruals to total assets | (0.05) | — | −0.25 | |
| Leverage index | 1.28 | — | −0.42 | |
| Beneish M-score | Flagged by the model | 5.72 | ||
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 |
|---|---|
| STRT Strattec Security Corporation compare | −2.9× |
| MNRO Monro Muffler Brake, Inc. compare | −2.7× |
| CPS Cooper-Standard Holdings Inc. compare | −2.6× |
| MVST Microvast Holdings, Inc. compare | −2.6× |
| MPAA Motorcar Parts of America, Inc. compare | −2.4× |
| HLLY Holley Inc. compare | −2.0× |
| ECX ECARX Holdings, Inc. compare | −2.0× |
| SLDP Solid Power, Inc. compare | 1.6× |
| SES SES AI Corporation | 5.7× |
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