Toro Corp.
TORO Energy Oil & Gas Midstream
In the quarter to June 2026, revenue grew 71.3%, EPS fell 745.0% and free cash flow grew 127.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Toro Corp. (TORO) Beneish M-score
Toro Corp.'s Beneish M-score for fiscal 2025 is −5.47; 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 | −5.47 | (9.05) |
| FY2024 | 3.58 | 6.31 |
| FY2023 | −2.73 | (2.99) |
| FY2022 | 0.27 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.47 | — | 0.43 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 0.69 | — | 0.28 | |
| Sales growth index | 0.94 | — | 0.84 | |
| Depreciation index | 1.29 | — | 0.15 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | 0.04 | — | 0.17 | |
| Leverage index | 8.80 | — | −2.88 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −5.47 | ||
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 |
|---|---|
| TORO Toro Corp. | −5.5× |
| PXS Pyxis Tankers Inc. compare | −3.6× |
| KNOP KNOT Offshore Partners LP compare | −3.4× |
| MMLP Martin Midstream Partners L.P. compare | −3.0× |
| SMC Summit Midstream Partners, LP compare | −2.7× |
| IMPP Imperial Petroleum Inc. compare | −2.6× |
| DLNG Dynagas LNG Partners LP compare | −2.4× |
| NFE New Fortress Energy LLC compare | −2.4× |
| BROGF Brooge Energy Limited compare | −1.9× |
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