Scorpio Tankers Inc.
STNG Energy Oil & Gas Midstream
Scorpio Tankers Inc.’s revenue for fiscal 2025 (year ended December 2025) was $938.2 million, down 24.6% from fiscal 2024. In the quarter to June 2026, revenue grew 77.5%, EPS grew 432.7%, free cash flow grew 490.3% and total debt fell 14.9%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Scorpio Tankers Inc. (STNG) Beneish M-score
Scorpio Tankers Inc.'s Beneish M-score for fiscal 2025 is −2.26; 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 | −2.26 | 0.57 |
| FY2024 | −2.82 | 0.87 |
| FY2023 | −3.69 | (4.13) |
| FY2022 | 0.44 | 2.43 |
| FY2021 | −1.99 | 1.12 |
| FY2020 | −3.11 | (3.32) |
| FY2019 | 0.21 | 2.75 |
| FY2018 | −2.54 | (1.09) |
| FY2017 | −1.45 | 1.64 |
| FY2016 | −3.09 | (0.56) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.60 | — | 1.47 | |
| Gross margin index | 1.10 | — | 0.58 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 0.75 | — | 0.67 | |
| Depreciation index | 0.90 | — | 0.10 | |
| SG&A index | 1.35 | — | −0.23 | |
| Total accruals to total assets | (0.04) | — | −0.18 | |
| Leverage index | 0.73 | — | −0.24 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.26 | ||
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 |
|---|---|
| BWLP BW LPG Limited compare | −2.9× |
| EE Excelerate Energy, Inc. compare | −2.6× |
| TRMD TORM PLC compare | −2.5× |
| STNG Scorpio Tankers Inc. | −2.3× |
| CMBT CMB.TECH nv compare | −2.2× |
| TNK Teekay Tankers Ltd. compare | −2.1× |
| SUNC SunocoCorp LLC compare | −2.1× |
| DHT DHT Holdings, Inc. compare | −2.0× |
| GLNG Golar LNG Limited compare | −1.1× |
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