stockrowNicola Mining Inc. - Sponsored ADR
NICM Basic Materials Other Industrial Metals & Mining
Nicola Mining Inc. - Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $1.1 million, up 84.0% from fiscal 2024.
- Revenue
- +1,397.3%
- EPS
- −304.1%
- Free cash flow
- −395.4%
- Total debt
- −94.0%
Quarter to June 2026, against a year earlier
Follow NICM
Alert me
Nicola Mining Inc. - Sponsored ADR (NICM) Beneish M-score
Nicola Mining Inc. - Sponsored ADR's Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.67 | — | 0.62 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 0.81 | — | 0.33 | |
| Sales growth index | 1.84 | — | 1.64 | |
| Depreciation index | 0.65 | — | 0.07 | |
| SG&A index | 1.25 | — | −0.21 | |
| Total accruals to total assets | 0.00 | — | 0.01 | |
| Leverage index | 0.49 | — | −0.16 | |
| Beneish M-score | n/a — gross margin 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 |
|---|---|
| REA Rare Earths Americas Inc. compare | — |
| AMRO Amaero Inc. compare | — |
| WWR Westwater Resources, Inc. compare | — |
| ATLX Atlas Lithium Corporation compare | — |
| NICM Nicola Mining Inc. - Sponsored ADR | — |
| TMCR The Metals Royalty Company Inc. compare | — |
| SBMT Silver Bow Mining Corp compare | — |
| USGO U.S. GoldMining Inc. compare | — |
| AMLIF American Lithium Corp. 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