Valneva SE Sponsored ADR
VALN Healthcare Biotechnology
In the quarter to June 2026, revenue fell 17.3%, EPS fell 222.1%, free cash flow fell 56.1% and total debt rose 12.1%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Valneva SE Sponsored ADR (VALN) Beneish M-score
Valneva SE Sponsored ADR's Beneish M-score for fiscal 2025 is −3.28; 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 | −3.28 | (1.12) |
| FY2024 | −2.16 | (2.19) |
| FY2023 | 0.03 | 0.42 |
| FY2022 | −0.39 | 1.10 |
| FY2021 | −1.49 | 3.40 |
| FY2020 | −4.89 | (3.16) |
| FY2019 | −1.73 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.77 | — | 0.71 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 1.15 | — | 0.46 | |
| Sales growth index | 1.08 | — | 0.96 | |
| Depreciation index | 0.80 | — | 0.09 | |
| SG&A index | 0.76 | — | −0.13 | |
| Total accruals to total assets | (0.16) | — | −0.73 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.28 | ||
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 |
|---|---|
| VALN Valneva SE Sponsored ADR | −3.3× |
| PBYI Puma Biotechnology, Inc. compare | −2.1× |
| CRMD CorMedix Inc compare | 12.8× |
| SLN Silence Therapeutics PLC Sponsored ADR compare | 45.8× |
| STTK Shattuck Labs, Inc. compare | — |
| DBVT DBV Technologies S.A. compare | — |
| VECT VectivBio Holding AG compare | — |
| SGMT Sagimet Biosciences Inc. compare | — |
| DRUG Bright Minds Biosciences 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