YPF Sociedad Anonima
YPF Energy Oil & Gas Integrated
YPF Sociedad Anonima’s revenue for fiscal 2025 (year ended December 2025) was $18.4 billion, down 4.38% from fiscal 2024. In the quarter to June 2026, revenue grew 41.7%, EPS grew 2,546.6%, free cash flow grew 922.2% and total debt rose 3.23%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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YPF Sociedad Anonima (YPF) Beneish M-score
YPF Sociedad Anonima's Beneish M-score for fiscal 2025 is −3.12; 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 | −3.12 | (0.46) |
| FY2024 | −2.66 | 1.48 |
| FY2023 | −4.14 | (1.24) |
| FY2022 | −2.90 | 0.69 |
| FY2021 | −3.59 | (0.71) |
| FY2020 | −2.89 | 0.19 |
| FY2019 | −3.08 | (0.47) |
| FY2018 | −2.61 | 0.46 |
| FY2017 | −3.07 | 0.20 |
| FY2016 | −3.27 | (2.29) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.35 | — | 1.25 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 0.96 | — | 0.85 | |
| Depreciation index | 0.89 | — | 0.10 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.20) | — | −0.92 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.12 | ||
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 |
|---|---|
| EC Ecopetrol S.A. compare | −3.7× |
| YPF YPF Sociedad Anonima | −3.1× |
| EQNR Equinor ASA compare | −3.0× |
| E Eni SpA compare | −3.0× |
| BP BP p.l.c. compare | −3.0× |
| PBR.A Petroleo Brasileiro S.A.- Petrobras compare | −2.6× |
| PBR Petroleo Brasileiro S.A.- Petrobras compare | −2.6× |
| CVE Cenovus Energy Inc compare | −2.5× |
| NFG National Fuel Gas Company compare | −2.4× |
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