World Kinect Corporation
WKC Energy Oil & Gas Refining & Marketing
World Kinect Corporation’s revenue for fiscal 2025 (year ended December 2025) was $36.9 billion, down 12.5% from fiscal 2024. In the quarter to June 2026, revenue grew 50.3%, EPS grew 115.5%, free cash flow fell 363.9% and total debt fell 8.93%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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World Kinect Corporation (WKC) Beneish M-score
World Kinect Corporation's Beneish M-score for fiscal 2025 is −3.41; 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 | −3.41 | (0.68) |
| FY2024 | −2.74 | 0.14 |
| FY2023 | −2.88 | (1.21) |
| FY2022 | −1.67 | (0.07) |
| FY2021 | −1.60 | 2.02 |
| FY2020 | −3.62 | (1.07) |
| FY2019 | −2.55 | (0.53) |
| FY2018 | −2.02 | 0.26 |
| FY2017 | −2.28 | (0.02) |
| FY2016 | −2.25 | 0.88 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.04 | — | 0.95 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 0.88 | — | 0.78 | |
| Depreciation index | 0.30 | — | 0.03 | |
| SG&A index | 1.05 | — | −0.18 | |
| Total accruals to total assets | (0.15) | — | −0.72 | |
| Leverage index | 1.08 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.41 | ||
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 |
|---|---|
| WKC World Kinect Corporation | −3.4× |
| CSANY Cosan S.A. Sponsored ADR compare | −3.4× |
| DK Delek US Holdings, Inc. compare | −3.3× |
| PARR Par Pacific Holdings, Inc. compare | −3.0× |
| CAPL CrossAmerica Partners LP compare | −2.9× |
| CVI CVR Energy Inc. compare | −2.7× |
| IEP Icahn Enterprises L.P. compare | −2.6× |
| DKL Delek Logistics Partners, L.P. compare | −0.5× |
| SHI SINOPEC Shangai Petrochemical Company, Ltd. 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