SunCoke Energy, Inc.
SXC Basic Materials Coking Coal
SunCoke Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, down 5.07% from fiscal 2024. In the quarter to June 2026, revenue grew 9.49%, EPS grew 650.0%, free cash flow fell 979.6% and total debt rose 33.0%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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SunCoke Energy, Inc. (SXC) Beneish M-score
SunCoke Energy, Inc.'s Beneish M-score for fiscal 2025 is −2.05; 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 | −2.05 | 0.54 |
| FY2024 | −2.59 | 0.44 |
| FY2023 | −3.03 | (0.69) |
| FY2022 | −2.33 | 0.23 |
| FY2021 | −2.57 | 0.50 |
| FY2020 | −3.07 | 0.74 |
| FY2019 | −3.80 | (1.09) |
| FY2018 | −2.71 | (0.06) |
| FY2017 | −2.65 | 0.30 |
| FY2016 | −2.95 | (0.77) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.48 | — | 1.36 | |
| Gross margin index | 1.11 | — | 0.59 | |
| Asset quality index | 2.32 | — | 0.94 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 0.83 | — | 0.10 | |
| SG&A index | 1.46 | — | −0.25 | |
| Total accruals to total assets | (0.08) | — | −0.39 | |
| Leverage index | 1.21 | — | −0.40 | |
| Beneish M-score | Elevated | −2.05 | ||
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 |
|---|---|
| METC Ramaco Resources, Inc. compare | −3.2× |
| METCB Ramaco Resources, Inc. compare | −3.2× |
| AMR Alpha Metallurgical Resources, Inc. compare | −2.7× |
| HCC Warrior Met Coal compare | −2.4× |
| SXC SunCoke Energy, Inc. | −2.1× |
| AREC American Resources Corporation 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