GreenPower Motor Company Inc.
GP Industrials Farm & Heavy Construction Machinery
GreenPower Motor Company Inc.’s revenue for fiscal 2026 (year ended March 2026) was $16.4 million, down 17.4% from fiscal 2025. In the quarter to June 2026, revenue fell 71.7%, EPS grew 70.0%, free cash flow grew 8.99% and total debt fell 20.1%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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GreenPower Motor Company Inc. (GP) Beneish M-score
GreenPower Motor Company Inc.'s Beneish M-score for fiscal 2026 is −3.14; 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) |
|---|---|---|
| FY2026 | −3.14 | 2.08 |
| FY2025 | −5.22 | (0.42) |
| FY2024 | −4.80 | (3.99) |
| FY2023 | −0.80 | 2.27 |
| FY2022 | −3.08 | (5.05) |
| FY2021 | 1.97 | 3.97 |
| FY2020 | −2.00 | (4.04) |
| FY2019 | 2.04 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.80 | — | 0.74 | |
| Gross margin index | 0.20 | — | 0.10 | |
| Asset quality index | 0.89 | — | 0.36 | |
| Sales growth index | 0.83 | — | 0.74 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 0.44 | — | −0.07 | |
| Total accruals to total assets | 0.02 | — | 0.11 | |
| Leverage index | 1.12 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.14 | ||
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 |
|---|---|
| HCAI Huachen AI Parking Management Technology Holding Co., Ltd compare | −314× |
| HYFM Hydrofarm Holdings Group, Inc. compare | −14.1× |
| XOS Xos, Inc. compare | −5.6× |
| GP GreenPower Motor Company Inc. | −3.1× |
| ARTW Art's-Way Manufacturing Co., Inc. compare | −2.1× |
| GENC Gencor Industries Inc. compare | −1.5× |
| LEVGQ The Lion Electric Company compare | — |
| BNC BNB Standard Corporation compare | — |
| SCAG Scage Future - Unsponsored ADR 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