Nature's Miracle Holding Inc.
NMHI Industrials Specialty Industrial Machinery
Nature's Miracle Holding Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.7 million, down 81.2% from fiscal 2024. In the quarter to March 2026, revenue fell 96.2%, EPS grew 104.7%, free cash flow fell 338.5% and total debt rose 79.0%, each against the same quarter a year earlier.
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Nature's Miracle Holding Inc. (NMHI) Beneish M-score
Nature's Miracle Holding Inc.'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 | 0.29 | — | 0.27 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 0.32 | — | 0.13 | |
| Sales growth index | 0.19 | — | 0.17 | |
| Depreciation index | 1.71 | — | 0.20 | |
| SG&A index | 3.64 | — | −0.63 | |
| Total accruals to total assets | (0.39) | — | −1.83 | |
| Leverage index | 0.69 | — | −0.23 | |
| 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 |
|---|---|
| XCH XCHG Limited compare | −5.0× |
| INLF INLIF Limited compare | −3.1× |
| SHPWQ Shapeways Holdings, Inc. compare | −3.1× |
| LBGJ Li Bang International Corporation Inc. compare | −2.6× |
| JCSE JE Cleantech Holdings Limited compare | −2.0× |
| WFF WF Holding Limited compare | −0.6× |
| NMHI Nature's Miracle Holding Inc. | — |
| OPTT Ocean Power Technologies, Inc. compare | — |
| TPICQ TPI Composites, 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