Electrovaya Inc.
ELVA Industrials Electrical Equipment & Parts
Electrovaya Inc.’s revenue for fiscal 2025 (year ended September 2025) was $63.8 million, up 43.1% from fiscal 2024. In the quarter to June 2026, revenue grew 3.40%, EPS fell 69.5%, free cash flow fell 266.0% and total debt rose 97.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Electrovaya Inc. (ELVA) Beneish M-score
Electrovaya Inc.'s Beneish M-score for fiscal 2025 is 22.58; 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 | 22.58 | 25.77 |
| FY2024 | −3.19 | (4.06) |
| FY2023 | 0.87 | 2.47 |
| FY2022 | −1.60 | 1.32 |
| FY2021 | −2.93 | (7.45) |
| FY2020 | 4.53 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.02 | — | 0.94 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 61.29 | — | 24.76 | |
| Sales growth index | 1.43 | — | 1.28 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 0.65 | — | −0.11 | |
| Total accruals to total assets | 0.03 | — | 0.12 | |
| Leverage index | 0.66 | — | −0.21 | |
| Beneish M-score | Flagged by the model | 22.58 | ||
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 |
|---|---|
| LTBR Lightbridge Corporation compare | −5.8× |
| SKYX SKYX Platforms Corp. compare | −4.4× |
| ENVX Enovix Corporation compare | −3.4× |
| NEOV NeoVolta, Inc. compare | −2.7× |
| HYLN Hyliion Holdings Corp. compare | −2.3× |
| ESP Espey Mfg. & Electronics Corp. compare | −2.2× |
| ELVA Electrovaya Inc. | 22.6× |
| FAC Factorial Energy Inc. compare | — |
| EAF GrafTech International 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