Baiya International Group Inc.
BIYA Technology Software Application
Baiya International Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.5 million, up 28.6% from fiscal 2024.
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Baiya International Group Inc. (BIYA) Beneish M-score
Baiya International Group Inc.'s Beneish M-score for fiscal 2025 is 3.72; 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 | 3.72 | 5.66 |
| FY2024 | −1.93 | (0.66) |
| FY2023 | −1.27 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 9.09 | — | 8.36 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.50 | — | 0.20 | |
| Sales growth index | 1.29 | — | 1.15 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 7.92 | — | −1.36 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 0.19 | — | −0.06 | |
| Beneish M-score | Flagged by the model | 3.72 | ||
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 |
|---|---|
| GETR Getaround, Inc. compare | −3.7× |
| UPLD Upland Software, Inc. compare | −3.5× |
| RBTC Rubicon Technologies, Inc. compare | −2.9× |
| MYSE Myseum.AI Inc. compare | −2.8× |
| YXT YXT.COM Group Holding Limited - Unsponsored ADR compare | −2.4× |
| MTBLY Moatable, Inc. Sponsored ADR compare | −2.1× |
| NXTT Next Technology Holding Inc. compare | 3.1× |
| BIYA Baiya International Group Inc. | 3.7× |
| AMOD Alpha Modus Holdings, Inc. 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