Nano Dimension Ltd.
NNDM Technology Computer Hardware
Nano Dimension Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $102.4 million, up 77.3% from fiscal 2024. In the quarter to June 2026, revenue grew 12.1%, EPS grew 96.4%, free cash flow grew 49.4% and total debt fell 40.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Nano Dimension Ltd. (NNDM) Beneish M-score
Nano Dimension Ltd.'s Beneish M-score for fiscal 2025 is −1.70; 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 | −1.70 | 1.70 |
| FY2024 | −3.41 | (1.88) |
| FY2023 | −1.53 | (0.83) |
| FY2022 | −0.69 | (2.33) |
| FY2021 | 1.64 | 5.34 |
| FY2020 | −3.71 | (1.91) |
| FY2019 | −1.80 | (0.83) |
| FY2018 | −0.97 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.61 | — | 1.48 | |
| Gross margin index | 1.28 | — | 0.68 | |
| Asset quality index | 1.25 | — | 0.51 | |
| Sales growth index | 1.77 | — | 1.58 | |
| Depreciation index | 0.35 | — | 0.04 | |
| SG&A index | 0.73 | — | −0.13 | |
| Total accruals to total assets | (0.05) | — | −0.22 | |
| Leverage index | 2.45 | — | −0.80 | |
| Beneish M-score | Flagged by the model | −1.70 | ||
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 |
|---|---|
| QMCO Quantum Corporation compare | −4.1× |
| CAN Canaan Inc. Sponsored ADR compare | −3.9× |
| SSYS Stratasys, Ltd. compare | −2.9× |
| NNDM Nano Dimension Ltd. | −1.7× |
| DPRO Draganfly Inc. compare | −1.7× |
| OSS One Stop Systems, Inc. compare | −1.5× |
| DDD 3D Systems Corporation compare | −1.3× |
| BGIN Bgin Blockchain Limited compare | — |
| VELO Velo3D, 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