diff --git a/math/py-linearmodels/Makefile b/math/py-linearmodels/Makefile
index 709b1a3731dc4..f2c7b6f3b7903 100644
--- a/math/py-linearmodels/Makefile
+++ b/math/py-linearmodels/Makefile
@@ -1,5 +1,5 @@
 PORTNAME=	linearmodels
-PORTVERSION=	4.29
+PORTVERSION=	5.1
 CATEGORIES=	math python # statistics
 MASTER_SITES=	PYPI
 PKGNAMEPREFIX=	${PYTHON_PKGNAMEPREFIX}
@@ -17,11 +17,20 @@ PY_DEPENDS=	${PYTHON_PKGNAMEPREFIX}formulaic>=0.3.2:math/py-formulaic@${PY_FLAVO
 		${PYTHON_PKGNAMEPREFIX}pandas>=0.24:math/py-pandas@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}property-cached>=1.6.3:devel/py-property-cached@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}pyhdfe>=0.1:math/py-pyhdfe@${PY_FLAVOR} \
-		${PYTHON_PKGNAMEPREFIX}scipy>=1.2:science/py-scipy@${PY_FLAVOR} \
-		${PYTHON_PKGNAMEPREFIX}statsmodels>=0.11:math/py-statsmodels@${PY_FLAVOR}
+		${PYTHON_PKGNAMEPREFIX}scipy>=1.5.0:science/py-scipy@${PY_FLAVOR} \
+		${PYTHON_PKGNAMEPREFIX}statsmodels>=0.12.0:math/py-statsmodels@${PY_FLAVOR}
 BUILD_DEPENDS=	${PYTHON_PKGNAMEPREFIX}setuptools_scm>0:devel/py-setuptools_scm@${PY_FLAVOR} \
 		${PY_DEPENDS}
 RUN_DEPENDS=	${PY_DEPENDS}
+TEST_DEPENDS=	${PYTHON_PKGNAMEPREFIX}black>0:devel/py-black@${PY_FLAVOR} \
+		${PYTHON_PKGNAMEPREFIX}coverage>0:devel/py-coverage@${PY_FLAVOR} \
+		${PYTHON_PKGNAMEPREFIX}flake8>0:devel/py-flake8@${PY_FLAVOR} \
+		${PYTHON_PKGNAMEPREFIX}isort>0:devel/py-isort@${PY_FLAVOR} \
+		${PYTHON_PKGNAMEPREFIX}matplotlib>0:math/py-matplotlib@${PY_FLAVOR} \
+		${PYTHON_PKGNAMEPREFIX}pytest-cov>0:devel/py-pytest-cov@${PY_FLAVOR} \
+		${PYTHON_PKGNAMEPREFIX}pytest-xdist>0:devel/py-pytest-xdist@${PY_FLAVOR} \
+		${PYTHON_PKGNAMEPREFIX}seaborn>0:math/py-seaborn@${PY_FLAVOR} \
+		${PYTHON_PKGNAMEPREFIX}xarray>=0.13:devel/py-xarray@${PY_FLAVOR}
 
 USES=		python:3.7+ shebangfix
 USE_PYTHON=	distutils cython autoplist pytest # tests fail to run, see https://github.com/bashtage/linearmodels/issues/512
diff --git a/math/py-linearmodels/distinfo b/math/py-linearmodels/distinfo
index 1b0e9e5bcb218..df45655fcc70b 100644
--- a/math/py-linearmodels/distinfo
+++ b/math/py-linearmodels/distinfo
@@ -1,3 +1,3 @@
-TIMESTAMP = 1682321049
-SHA256 (linearmodels-4.29.tar.gz) = 6860dc5cf67e35f11208a0dfc0169224bfcc21c9973faad30284e336086273fd
-SIZE (linearmodels-4.29.tar.gz) = 1795653
+TIMESTAMP = 1687195652
+SHA256 (linearmodels-5.1.tar.gz) = 1a157a974a346a78b9a3e42b86e5a624b052c4269b0441f56deac57f75cf95c5
+SIZE (linearmodels-5.1.tar.gz) = 1789576