Spero Therapeutics, Inc.
SPRO Healthcare Biotechnology
Spero Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $66.8 million, up 39.2% from fiscal 2024. In the quarter to June 2026, revenue fell 95.6%, EPS fell 433.3% and free cash flow grew 69.7%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Spero Therapeutics, Inc. (SPRO) Beneish M-score
Spero Therapeutics, Inc.'s Beneish M-score for fiscal 2025 is −1.00; 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 | −1.00 | 3.29 |
| FY2024 | −4.29 | (26.26) |
| FY2023 | 21.97 | 25.00 |
| FY2022 | −3.03 | 0.14 |
| FY2021 | −3.17 | (0.77) |
| FY2020 | −2.40 | (4.35) |
| FY2019 | 1.95 | 2.42 |
| FY2018 | −0.47 | (2.91) |
| FY2017 | 2.44 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.35 | — | 0.32 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 1.39 | — | 1.24 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.64 | — | −0.11 | |
| Total accruals to total assets | 0.31 | — | 1.44 | |
| Leverage index | 0.29 | — | −0.09 | |
| Beneish M-score | Flagged by the model | −1.00 | ||
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 |
|---|---|
| XBIT XBiotech Inc. compare | −4.2× |
| HYFT MindWalk Holdings Corp. compare | −3.7× |
| CSBR Champions Oncology, Inc. compare | −1.8× |
| SPRO Spero Therapeutics, Inc. | −1.0× |
| FBIO Fortress Biotech, Inc. compare | 0.0× |
| VRCA Verrica Pharmaceuticals Inc. compare | 14.2× |
| NMAD Nomad Power Solutions, Inc. compare | — |
| CING Cingulate Inc. compare | — |
| OSTX OS Therapies Incorporated 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