Sotera Health Company
SHC Healthcare Diagnostics & Research
Sotera Health Company’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 5.74% from fiscal 2024. In the quarter to June 2026, revenue grew 9.18%, EPS grew 533.3%, free cash flow grew 60.6% and total debt fell 3.54%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
Follow SHC
Sotera Health Company (SHC) Beneish M-score
Sotera Health Company's Beneish M-score for fiscal 2025 is −2.75; 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 | −2.75 | 0.06 |
| FY2024 | −2.81 | (0.81) |
| FY2023 | −1.99 | 1.25 |
| FY2022 | −3.24 | (0.49) |
| FY2021 | −2.76 | (0.19) |
| FY2020 | −2.56 | 0.47 |
| FY2019 | −3.04 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.95 | — | 0.87 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.95 | — | 0.38 | |
| Sales growth index | 1.06 | — | 0.94 | |
| Depreciation index | 1.27 | — | 0.15 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.06) | — | −0.30 | |
| Leverage index | 0.93 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.75 | ||
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 |
|---|---|
| CDNA CareDx, Inc. compare | −3.4× |
| SHC Sotera Health Company | −2.7× |
| VCYT Veracyte, Inc. compare | −2.7× |
| RDNT RadNet, Inc. compare | −2.6× |
| QGEN QIAGEN N.V. compare | −2.6× |
| ADPT Adaptive Biotechnologies Corporation compare | −2.4× |
| TWST Twist Bioscience Corporation compare | −2.3× |
| BLLN BillionToOne, Inc. compare | −2.0× |
| GRAL GRAIL, 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