NewGenIvf Group Limited
NIVF Healthcare Medical Care Facilities
NewGenIvf Group Limited’s revenue for fiscal 2025 (year ended December 2025) was $4.7 million, down 13.0% from fiscal 2024. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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NewGenIvf Group Limited (NIVF) Beneish M-score
NewGenIvf Group Limited's Beneish M-score for fiscal 2025 is 7.81; 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 | 7.81 | 0.03 |
| FY2024 | 7.78 | 8.10 |
| FY2023 | −0.31 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.89 | — | 0.82 | |
| Gross margin index | 1.66 | — | 0.88 | |
| Asset quality index | 19.52 | — | 7.89 | |
| Sales growth index | 0.87 | — | 0.78 | |
| Depreciation index | 1.36 | — | 0.16 | |
| SG&A index | 4.50 | — | −0.77 | |
| Total accruals to total assets | 0.63 | — | 2.95 | |
| Leverage index | 0.14 | — | −0.05 | |
| Beneish M-score | Flagged by the model | 7.81 | ||
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 |
|---|---|
| CANOQ Cano Health, Inc. compare | −7.9× |
| CCM Concord Medical Services Holdings Limited compare | −5.0× |
| NVOS Novo Integrated Sciences, Inc. compare | −4.3× |
| SYRA Syra Health Corp. compare | −3.5× |
| MODVQ ModivCare Inc. compare | −3.1× |
| AMS American Shared Hospital Services compare | −2.1× |
| RHEP Adcare Health Systems Inc compare | −0.2× |
| NIVF NewGenIvf Group Limited | 7.8× |
| BMGL Basel Medical Group Ltd compare | 8.2× |
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