Valaris Limited
Valaris Limited’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, roughly unchanged from fiscal 2024. In the quarter to June 2026, revenue fell 12.4%, EPS fell 54.9%, free cash flow fell 159.6% and total debt was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for five.
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Valaris Limited (VAL) Beneish M-score
Valaris Limited's Beneish M-score for fiscal 2025 is −2.21; 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 | −2.21 | 0.25 |
| FY2024 | −2.46 | (0.95) |
| FY2023 | −1.51 | 0.63 |
| FY2022 | −2.14 | 11.30 |
| FY2021 | −13.44 | (13.99) |
| FY2019 | 0.55 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.83 | — | 0.76 | |
| Gross margin index | 0.82 | — | 0.43 | |
| Asset quality index | 1.18 | — | 0.48 | |
| Sales growth index | 1.00 | — | 0.89 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 0.83 | — | −0.14 | |
| Total accruals to total assets | 0.08 | — | 0.38 | |
| Leverage index | 0.84 | — | −0.27 | |
| Beneish M-score | Elevated | −2.21 | ||
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 |
|---|---|
| RIG Transocean Ltd. compare | −3.6× |
| PTEN Patterson-UTI Energy, Inc. compare | −3.3× |
| NBR Nabors Industries Ltd. compare | −3.0× |
| NE Noble Corporation PLC compare | −2.9× |
| SDRL Seadrill Limited compare | −2.6× |
| BORR Borr Drilling Limited compare | −2.5× |
| HP Helmerich & Payne, Inc. compare | −2.4× |
| VAL Valaris Limited | −2.2× |
| SOC Sable Offshore Corp. 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