MultiSensor AI Holdings, Inc.
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MultiSensor AI Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.6 million, down 25.0% from fiscal 2024. In the quarter to June 2026, revenue grew 19.5%, EPS grew 70.3% and free cash flow fell 105.0%, each against the same quarter a year earlier.
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MultiSensor AI Holdings, Inc. (MSAI) Beneish M-score
MultiSensor AI Holdings, Inc.'s Beneish M-score for fiscal 2025 is −1.65; 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 | −1.65 | 2.58 |
| FY2024 | −4.22 | 0.15 |
| FY2023 | −4.38 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.66 | — | 2.44 | |
| Gross margin index | 1.24 | — | 0.66 | |
| Asset quality index | 0.22 | — | 0.09 | |
| Sales growth index | 0.75 | — | 0.67 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.10) | — | −0.49 | |
| Leverage index | 0.38 | — | −0.13 | |
| Beneish M-score | Flagged by the model | −1.65 | ||
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 |
|---|---|
| OST Ostin Technology Group Co., Ltd. compare | −3.4× |
| VIAOY VIA optronics AG Sponsored ADR compare | −3.3× |
| GAUZ Gauzy Ltd. compare | −2.9× |
| MSAI MultiSensor AI Holdings, Inc. | −1.6× |
| WETH Wetouch Technology Inc. compare | −1.2× |
| NEON Neonode Inc. compare | −0.1× |
| MTEK Maris-Tech Ltd. compare | — |
| SELXF Semilux International Ltd. compare | — |
| REFR Research Frontiers 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