NET Power Inc.
NPWR Industrials Specialty Industrial Machinery
NET Power Inc.’s revenue for fiscal 2024 (year ended December 2024) was $250,000.00, up 42.9% from fiscal 2023. In the quarter to June 2026, EPS fell 152.8% and free cash flow grew 62.4%, each against the same quarter a year earlier.
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NET Power Inc. (NPWR) Beneish M-score
NET Power Inc.'s Beneish M-score for fiscal 2024 is −2.14; 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) |
|---|---|---|
| FY2024 | −2.14 | (34.32) |
| FY2023 | 32.18 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.29 | — | 1.19 | |
| Gross margin index | 1.12 | — | 0.59 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.43 | — | 1.27 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 0.42 | — | −0.07 | |
| Total accruals to total assets | (0.06) | — | −0.27 | |
| Leverage index | 1.61 | — | −0.53 | |
| Beneish M-score | Elevated | −2.14 | ||
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 |
|---|---|
| HURC Hurco Companies, Inc. compare | −3.2× |
| LXFR Luxfer Holdings PLC compare | −2.9× |
| RR Richtech Robotics Inc. compare | −2.7× |
| OFLX Omega Flex, Inc. compare | −2.6× |
| TAYD Taylor Devices, Inc. compare | −2.5× |
| NPWR NET Power Inc. | −2.1× |
| TWIN Twin Disc, Incorporated compare | −2.1× |
| SHMD SCHMID Group N.V. compare | — |
| SERV Serve Robotics 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