VAXART, INC.
VXRT Healthcare Biotechnology
VAXART, INC.’s revenue for fiscal 2025 (year ended December 2025) was $237.3 million, up 726.7% from fiscal 2024. In the quarter to June 2026, revenue fell 31.6%, EPS grew 14.3% and free cash flow grew 117.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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VAXART, INC. (VXRT) Beneish M-score
VAXART, INC.'s Beneish M-score for fiscal 2025 is 3.73; 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 | 3.73 | 4.82 |
| FY2024 | −1.09 | (59.94) |
| FY2023 | 58.85 | 63.33 |
| FY2022 | −4.48 | (0.44) |
| FY2021 | −4.03 | 0.81 |
| FY2020 | −4.85 | (2.83) |
| FY2019 | −2.02 | (26.47) |
| FY2018 | 24.45 | 29.44 |
| FY2016 | −4.99 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.52 | — | 0.48 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.45 | — | 0.18 | |
| Sales growth index | 8.27 | — | 7.37 | |
| Depreciation index | 0.80 | — | 0.09 | |
| SG&A index | 0.10 | — | −0.02 | |
| Total accruals to total assets | 0.05 | — | 0.22 | |
| Leverage index | 0.85 | — | −0.28 | |
| Beneish M-score | Flagged by the model | 3.73 | ||
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 |
|---|---|
| ICCC ImmuCell Corporation compare | −3.1× |
| CLLS Cellectis S.A. compare | −2.6× |
| VXRT VAXART, INC. | 3.7× |
| ATRA Atara Biotherapeutics, Inc. compare | 16.9× |
| MIST Milestone Pharmaceuticals Inc. compare | — |
| OKUR OnKure Therapeutics, Inc. compare | — |
| EQ Equillium, Inc. compare | — |
| NMRA Neumora Therapeutics, Inc. compare | — |
| RLYB Rallybio 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