NeoVolta, Inc.
NEOV Industrials Electrical Equipment & Parts
In the quarter to June 2026, revenue fell 99.7%, EPS fell 380.0%, free cash flow fell 1,293.6% and total debt rose 65.2%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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NeoVolta, Inc. (NEOV) Beneish M-score
NeoVolta, Inc.'s Beneish M-score for fiscal 2026 is −2.69; 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) |
|---|---|---|
| FY2026 | −2.69 | 12.54 |
| FY2025 | −15.23 | (11.13) |
| FY2024 | −4.10 | (2.01) |
| FY2023 | −2.09 | 8.61 |
| FY2022 | −10.70 | 1.48 |
| FY2021 | −12.18 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.62 | — | 0.57 | |
| Gross margin index | 1.11 | — | 0.59 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 1.58 | — | 1.41 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 1.91 | — | −0.33 | |
| Total accruals to total assets | (0.12) | — | −0.55 | |
| Leverage index | 0.22 | — | −0.07 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.69 | ||
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 |
|---|---|
| LTBR Lightbridge Corporation compare | −5.8× |
| SKYX SKYX Platforms Corp. compare | −4.4× |
| ULBI Ultralife Corporation compare | −2.8× |
| RFIL RF Industries, Ltd. compare | −2.7× |
| NEOV NeoVolta, Inc. | −2.7× |
| OESX Orion Energy Systems, Inc. compare | −2.4× |
| CBAT China BAK Battery, Inc. compare | −2.3× |
| ESP Espey Mfg. & Electronics Corp. compare | −2.2× |
| EAF GrafTech International Ltd. 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