Nocera, Inc.
NCRA Consumer Defensive Packaged Foods
In the quarter to June 2026, revenue fell 46.1%, EPS fell 44.9% and free cash flow fell 194.3%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Nocera, Inc. (NCRA) Beneish M-score
Nocera, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2024 | −7.51 | (2.73) |
| FY2023 | −4.78 | (4.51) |
| FY2022 | −0.26 | (6.26) |
| FY2021 | 6.00 | 7.95 |
| FY2020 | −1.95 | 8.04 |
| FY2019 | −9.99 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 1.53 | — | 0.81 | |
| Asset quality index | 0.31 | — | 0.12 | |
| Sales growth index | 0.91 | — | 0.81 | |
| Depreciation index | 3.27 | — | 0.38 | |
| SG&A index | 1.15 | — | −0.20 | |
| Total accruals to total assets | 0.01 | — | 0.03 | |
| Leverage index | 0.26 | — | −0.08 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
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 |
|---|---|
| FAMI Farmmi, Inc. compare | −5.5× |
| SNAX Stryve Foods, Inc. compare | −4.9× |
| NAII Natural Alternatives International, Inc. compare | −2.8× |
| RGFC Real Good Food Company, Inc. compare | −1.2× |
| ORISF Oriental Rise Holdings Limited compare | −0.7× |
| PAVS Paranovus Entertainment Technology Ltd. compare | — |
| CIMG CIMG Inc. compare | — |
| NCRA Nocera, Inc. | — |
| ABVEF Above Food Ingredients 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