Sigma Lithium Corporation
SGML Basic Materials Other Industrial Metals & Mining
Sigma Lithium Corporation’s revenue for fiscal 2025 (year ended December 2025) was $110.0 million, down 27.3% from fiscal 2024. In the quarter to June 2026, revenue grew 223.9%, EPS grew 88.2%, free cash flow grew 405.5% and total debt fell 11.4%, each against the same quarter a year earlier.
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Sigma Lithium Corporation (SGML) Beneish M-score
Sigma Lithium Corporation's Beneish M-score for fiscal 2025 is −3.84; 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 | −3.84 | (0.99) |
| FY2024 | −2.85 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.52 | — | 0.48 | |
| Gross margin index | 1.25 | — | 0.66 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 0.73 | — | 0.65 | |
| Depreciation index | 1.45 | — | 0.17 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.18) | — | −0.84 | |
| Leverage index | 1.08 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.84 | ||
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 |
|---|---|
| SGML Sigma Lithium Corporation | −3.8× |
| USAS Americas Gold and Silver Corporation compare | −3.5× |
| CMP Compass Minerals International, Inc. compare | −3.0× |
| VZLA Vizsla Silver Corp. compare | — |
| LAR Lithium Americas (Argentina) Corp. compare | — |
| CRML Critical Metals Corp. compare | — |
| TMC TMC the metals company Inc. compare | — |
| EMAT Evolution Metals & Technologies Corp. compare | — |
| LAC Lithium Americas Corp. 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