Sarepta Therapeutics, Inc.
SRPT Healthcare Biotechnology
Sarepta Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 15.6% from fiscal 2024. In the quarter to June 2026, revenue fell 34.3%, EPS fell 102.5%, free cash flow fell 14.5% and total debt fell 25.6%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
Follow SRPT
Sarepta Therapeutics, Inc. (SRPT) Beneish M-score
Sarepta Therapeutics, Inc.'s Beneish M-score for fiscal 2025 is −3.41; 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 | −3.41 | (2.02) |
| FY2024 | −1.39 | 0.34 |
| FY2023 | −1.73 | 1.07 |
| FY2022 | −2.80 | (0.83) |
| FY2021 | −1.97 | 1.35 |
| FY2020 | −3.32 | (0.91) |
| FY2019 | −2.41 | (1.71) |
| FY2018 | −0.70 | (22.47) |
| FY2017 | 21.77 | 22.03 |
| FY2016 | −0.27 | (4.65) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.57 | — | 0.53 | |
| Gross margin index | 1.35 | — | 0.71 | |
| Asset quality index | 1.00 | — | 0.41 | |
| Sales growth index | 1.16 | — | 1.03 | |
| Depreciation index | (0.07) | — | −0.01 | |
| SG&A index | 0.76 | — | −0.13 | |
| Total accruals to total assets | (0.15) | — | −0.71 | |
| Leverage index | 1.22 | — | −0.40 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.41 | ||
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 |
|---|---|
| SRPT Sarepta Therapeutics, Inc. | −3.4× |
| MRVI Maravai LifeSciences Holdings, Inc. compare | −3.3× |
| AGIO Agios Pharmaceuticals, Inc. compare | −1.7× |
| URGN Urogen Pharma compare | −1.4× |
| LKFT Lakefront Biotherapeutics - Sponsored ADR compare | 0.3× |
| PVLA Palvella Therapeutics, Inc. compare | 1.4× |
| MESO Mesoblast Limited compare | 2.4× |
| MLYS Mineralys Therapeutics, Inc. compare | — |
| ZYME Zymeworks 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