MSP Recovery, Inc.
MSPR Healthcare Health Information Services
MSP Recovery, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $18.2 million, up 136.8% from fiscal 2023. In the quarter to September 2025, revenue fell 94.6%, EPS grew 39.8% and free cash flow grew 60.9%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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MSP Recovery, Inc. (MSPR) Beneish M-score
MSP Recovery, Inc.'s Beneish M-score for fiscal 2024 is −6.31; 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) |
|---|---|---|
| FY2024 | −6.31 | (1.07) |
| FY2023 | −5.24 | (3.49) |
| FY2022 | −1.75 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.45 | — | 0.41 | |
| Gross margin index | 1.52 | — | 0.80 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 2.37 | — | 2.11 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 0.35 | — | −0.06 | |
| Total accruals to total assets | (0.80) | — | −3.76 | |
| Leverage index | 4.60 | — | −1.51 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −6.31 | ||
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 |
|---|---|
| ICCT iCoreConnect Inc. compare | −26.0× |
| ACON Aclarion, Inc. compare | −7.5× |
| MSPR MSP Recovery, Inc. | −6.3× |
| WORX SCWorx Corp. compare | −4.3× |
| VSEED VSee Health, Inc. compare | −4.2× |
| ZCMD Zhongchao Inc. compare | −4.2× |
| LGMK LogicMark, Inc. compare | −2.8× |
| MNDR Mobile-health Network Solutions compare | 3.4× |
| HLTHQ Cue Health 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