Niagen Bioscience, Inc.
NAGE Healthcare Biotechnology
Niagen Bioscience, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $129.4 million, up 29.9% from fiscal 2024. In the quarter to June 2026, revenue fell 4.28%, EPS fell 80.0% and free cash flow grew 140.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Niagen Bioscience, Inc. (NAGE) Beneish M-score
Niagen Bioscience, Inc.'s Beneish M-score for fiscal 2025 is −1.55; 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 | −1.55 | 0.81 |
| FY2024 | −2.36 | 1.60 |
| FY2023 | −3.96 | (1.92) |
| FY2022 | −2.04 | (0.23) |
| FY2021 | −1.81 | 1.58 |
| FY2020 | −3.39 | 0.58 |
| FY2019 | −3.97 | 0.29 |
| FY2018 | −4.27 | (0.98) |
| FY2017 | −3.29 | (3.45) |
| FY2016 | 0.15 | 2.71 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.97 | — | 0.89 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 2.16 | — | 0.87 | |
| Sales growth index | 1.30 | — | 1.16 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | 0.04 | — | 0.17 | |
| Leverage index | 0.71 | — | −0.23 | |
| Beneish M-score | Flagged by the model | −1.55 | ||
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 |
|---|---|
| IVVD Invivyd, Inc. compare | −1.6× |
| CGEN Compugen Ltd. compare | −1.6× |
| NAGE Niagen Bioscience, Inc. | −1.5× |
| RNAC Cartesian Therapeutics, Inc. compare | 8.9× |
| LYEL Lyell Immunopharma, Inc. compare | — |
| IFRX InflaRx N.V. compare | — |
| ZNTL Zentalis Pharmaceuticals, Inc. compare | — |
| LRMR Larimar Therapeutics, Inc. compare | — |
| PRQR ProQR Therapeutics N.V. 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