Novogen Limited
KZIA Healthcare Biotechnology
Novogen Limited’s revenue for fiscal 2025 (year ended June 2025) was $1.2 million, down 24.7% from fiscal 2024.
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Novogen Limited (KZIA) Beneish M-score
Novogen Limited's Beneish M-score for fiscal 2025 is −9.60; 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 | −9.60 | (94.12) |
| FY2024 | 84.52 | 78.81 |
| FY2023 | 5.71 | (4.57) |
| FY2021 | 10.28 | 14.22 |
| FY2020 | −3.94 | (10.01) |
| FY2019 | 6.06 | 8.22 |
| FY2018 | −2.16 | (36.49) |
| FY2017 | 34.34 | 31.10 |
| FY2016 | 3.24 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.03 | — | 0.03 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 0.75 | — | 0.67 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.84 | — | −0.15 | |
| Total accruals to total assets | (1.22) | — | −5.73 | |
| Leverage index | 1.94 | — | −0.63 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −9.60 | ||
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 |
|---|---|
| KZIA Novogen Limited | −9.6× |
| CLLS Cellectis S.A. compare | −2.6× |
| EQ Equillium, Inc. compare | — |
| AARD Aardvark Therapeutics, Inc. compare | — |
| NMRA Neumora Therapeutics, Inc. compare | — |
| RLYB Rallybio Corporation compare | — |
| OKUR OnKure Therapeutics, Inc. compare | — |
| TNYA Tenaya Therapeutics, Inc. compare | — |
| CRBP Corbus Pharmaceuticals 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