MindWalk Holdings Corp.
HYFT Healthcare Biotechnology
MindWalk Holdings Corp.’s revenue for fiscal 2026 (year ended April 2026) was $11.3 million, down 35.9% from fiscal 2025. In the quarter to July 2026, revenue grew 19.4%, EPS fell 80.0%, free cash flow grew 9.79% and total debt fell 10.8%, each against the same quarter a year earlier.
Follow HYFT
MindWalk Holdings Corp. (HYFT) Beneish M-score
MindWalk Holdings Corp.'s Beneish M-score for fiscal 2026 is −3.70; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −3.70 | 1.71 |
| FY2025 | −5.41 | (0.96) |
| FY2024 | −4.45 | (1.61) |
| FY2023 | −2.84 | (0.71) |
| FY2022 | −2.12 | 1.24 |
| FY2021 | −3.37 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.11 | — | 1.02 | |
| Gross margin index | 0.94 | — | 0.50 | |
| Asset quality index | 0.23 | — | 0.09 | |
| Sales growth index | 0.64 | — | 0.57 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 1.59 | — | −0.27 | |
| Total accruals to total assets | (0.12) | — | −0.58 | |
| Leverage index | 0.90 | — | −0.29 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.70 | ||
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 |
|---|---|
| XBIT XBiotech Inc. compare | −4.2× |
| HYFT MindWalk Holdings Corp. | −3.7× |
| CSBR Champions Oncology, Inc. compare | −1.8× |
| SPRO Spero Therapeutics, Inc. compare | −1.0× |
| FBIO Fortress Biotech, Inc. compare | 0.0× |
| VRCA Verrica Pharmaceuticals Inc. compare | 14.2× |
| NMAD Nomad Power Solutions, Inc. compare | — |
| CING Cingulate Inc. compare | — |
| OSTX OS Therapies Incorporated 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