Sky Quarry Inc.
SKYQ Energy Oil & Gas Integrated
Sky Quarry Inc.’s revenue for fiscal 2025 (year ended December 2025) was $12.5 million, down 46.5% from fiscal 2024. In the quarter to June 2026, revenue fell 100.0%, EPS grew 3.75%, free cash flow fell 514.3% and total debt fell 23.2%, each against the same quarter a year earlier.
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Sky Quarry Inc. (SKYQ) Beneish M-score
Sky Quarry Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.01 | — | 0.01 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 1.14 | — | 0.46 | |
| Sales growth index | 0.53 | — | 0.48 | |
| Depreciation index | 1.33 | — | 0.15 | |
| SG&A index | 1.88 | — | −0.32 | |
| Total accruals to total assets | (0.46) | — | −2.17 | |
| Leverage index | 1.59 | — | −0.52 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
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 |
|---|---|
| VIVK Vivakor, Inc. compare | −7.5× |
| EC Ecopetrol S.A. compare | −3.7× |
| SLNG Stabilis Solutions, Inc. compare | −3.4× |
| YPF YPF Sociedad Anonima compare | −3.1× |
| NFG National Fuel Gas Company compare | −2.4× |
| TGS Transportadora De Gas Sa Ord B compare | −1.9× |
| DEC Diversified Energy Company PLC compare | −1.7× |
| SKYQ Sky Quarry Inc. | — |
| CGBSF Crown LNG Holdings Limited 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