Solesence, Inc.
SLSN Consumer Defensive Household & Personal Products
Solesence, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $62.1 million, up 18.6% from fiscal 2024. In the quarter to June 2026, revenue fell 24.7%, EPS fell 105.5%, free cash flow grew 86.5% and total debt rose 36.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Solesence, Inc. (SLSN) Beneish M-score
Solesence, Inc.'s Beneish M-score for fiscal 2025 is −1.13; 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 | −1.13 | 0.95 |
| FY2024 | −2.07 | 1.09 |
| FY2023 | −3.16 | (0.67) |
| FY2022 | −2.49 | (1.61) |
| FY2021 | −0.88 | (0.52) |
| FY2020 | −0.36 | (37.89) |
| FY2019 | 37.53 | 40.88 |
| FY2018 | −3.35 | (2.13) |
| FY2017 | −1.23 | 2.54 |
| FY2016 | −3.76 | (0.54) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.18 | — | 1.09 | |
| Gross margin index | 1.19 | — | 0.63 | |
| Asset quality index | 0.88 | — | 0.35 | |
| Sales growth index | 1.19 | — | 1.06 | |
| Depreciation index | 1.15 | — | 0.13 | |
| SG&A index | 1.22 | — | −0.21 | |
| Total accruals to total assets | 0.21 | — | 0.97 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Flagged by the model | −1.13 | ||
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 |
|---|---|
| MLKMF Waldencast PLC compare | −4.0× |
| SKIN SkinHealth Systems Inc. compare | −3.0× |
| UG United-Guardian, Inc. compare | −2.6× |
| ACU Acme United Corporation. compare | −2.6× |
| NUS Nu Skin Enterprises, Inc. compare | −2.3× |
| YSG Yatsen Holding Limited Sponsored ADR compare | −2.3× |
| SLSN Solesence, Inc. | −1.1× |
| DSY Big Tree Cloud Holdings Limited compare | 32.4× |
| GROV Grove Collaborative Holdings, 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