Siga Technologies Inc.
SIGA Healthcare Drug Manufacturers Specialty & Generic
Siga Technologies Inc.’s revenue for fiscal 2025 (year ended December 2025) was $94.6 million, down 31.8% from fiscal 2024. In the quarter to June 2026, revenue fell 49.5%, EPS fell 66.0% and free cash flow fell 76.0%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Siga Technologies Inc. (SIGA) Beneish M-score
Siga Technologies Inc.'s Beneish M-score for fiscal 2025 is −4.02; 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 | −4.02 | (1.91) |
| FY2024 | −2.12 | 1.24 |
| FY2023 | −3.36 | (0.54) |
| FY2022 | −2.82 | (21.78) |
| FY2021 | 18.96 | 19.25 |
| FY2020 | −0.28 | (27.89) |
| FY2019 | 27.61 | (11.19) |
| FY2018 | 38.80 | 42.27 |
| FY2017 | −3.48 | (0.44) |
| FY2016 | −3.04 | (2.73) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.23 | — | 0.21 | |
| Gross margin index | 1.13 | — | 0.60 | |
| Asset quality index | 0.51 | — | 0.21 | |
| Sales growth index | 0.68 | — | 0.61 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 1.24 | — | −0.21 | |
| Total accruals to total assets | (0.09) | — | −0.43 | |
| Leverage index | 0.79 | — | −0.26 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.02 | ||
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 |
|---|---|
| SIGA Siga Technologies Inc. | −4.0× |
| CGC Canopy Growth Corporation compare | −3.5× |
| AKBA Akebia Therapeutics, Inc. compare | −3.2× |
| LFCR Lifecore Biomedical, Inc. compare | −3.2× |
| ANIK Anika Therapeutics Inc. compare | −2.8× |
| ACB Aurora Cannabis Inc. compare | −2.5× |
| ORGO Organogenesis compare | −1.4× |
| DERM Journey Medical Corporation compare | −0.8× |
| BIOA BioAge Labs, 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