NIO Inc.
NIO Consumer Cyclical Auto Manufacturers
NIO Inc.’s revenue for fiscal 2025 (year ended December 2025) was $12.5 billion, up 38.9% from fiscal 2024. Revenue growth for five consecutive years.
Follow NIO
NIO Inc. (NIO) Beneish M-score
NIO Inc.'s Beneish M-score for fiscal 2025 is −2.59; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.59 | 0.50 |
| FY2024 | −3.08 | (0.22) |
| FY2023 | −2.87 | (0.76) |
| FY2022 | −2.10 | (1.19) |
| FY2021 | −0.91 | 2.85 |
| FY2020 | −3.76 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.40 | — | 1.29 | |
| Gross margin index | 0.73 | — | 0.38 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.39 | — | 1.24 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 0.77 | — | −0.13 | |
| Total accruals to total assets | (0.14) | — | −0.67 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.59 | ||
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 |
|---|---|
| RIVN Rivian Automotive, Inc. compare | −8.3× |
| XPEV XPeng Inc. Sponsored ADR compare | −2.6× |
| NIO NIO Inc. | −2.6× |
| HMC Honda Motor Co., Ltd. compare | −2.5× |
| F Ford Motor Company compare | −2.3× |
| LI Li Auto Inc. Sponsored ADR compare | −2.1× |
| LCID Lucid Group, Inc. compare | — |
| VFS VinFast Auto Ltd. compare | — |
| STLA Stellantis 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