XIAO-I Corporation Unsponsored ADR
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XIAO-I Corporation Unsponsored ADR (AIXI) Beneish M-score
XIAO-I Corporation Unsponsored ADR's Beneish M-score for fiscal 2025 is −36.07; 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 | −36.07 | (34.14) |
| FY2024 | −1.93 | 1.03 |
| FY2023 | −2.96 | (1.17) |
| FY2022 | −1.79 | — |
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 | 1.54 | — | 0.81 | |
| Asset quality index | 2.88 | — | 1.16 | |
| Sales growth index | 0.18 | — | 0.16 | |
| Depreciation index | 0.49 | — | 0.06 | |
| SG&A index | 16.86 | — | −2.90 | |
| Total accruals to total assets | (6.17) | — | −28.88 | |
| Leverage index | 6.48 | — | −2.12 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −36.07 | ||
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 |
|---|---|
| AIXI XIAO-I Corporation Unsponsored ADR | −36.1× |
| XTKG X3 Holdings Co., Ltd. compare | −4.5× |
| OMQS OMNIQ Corp. compare | −4.4× |
| AMZE Amaze Holdings, Inc. compare | −4.1× |
| LGCL Lucas GC Limited compare | −3.0× |
| PARA Parabolic Technologies, Inc. compare | −2.5× |
| MYSZ My Size, Inc. compare | −1.8× |
| NTCL NetClass Technology Inc compare | 4.2× |
| TGL Treasure Global Inc. compare | 221× |
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