Nerdy Inc.
NRDY Technology Software Application
Nerdy Inc.’s revenue for fiscal 2025 (year ended December 2025) was $179.0 million, down 5.91% from fiscal 2024. In the quarter to June 2026, revenue fell 4.49%, EPS grew 42.9% and free cash flow grew 23.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Nerdy Inc. (NRDY) Beneish M-score
Nerdy Inc.'s Beneish M-score for fiscal 2025 is −5.50; 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 | −5.50 | 0.06 |
| FY2024 | −5.56 | (1.21) |
| FY2023 | −4.35 | (2.42) |
| FY2022 | −1.92 | (6.51) |
| FY2021 | 4.58 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.82 | — | 0.75 | |
| Gross margin index | 1.16 | — | 0.61 | |
| Asset quality index | 1.06 | — | 0.43 | |
| Sales growth index | 0.94 | — | 0.84 | |
| Depreciation index | 0.65 | — | 0.07 | |
| SG&A index | 0.89 | — | −0.15 | |
| Total accruals to total assets | (0.55) | — | −2.59 | |
| Leverage index | 1.93 | — | −0.63 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −5.50 | ||
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 |
|---|---|
| NRDY Nerdy Inc. | −5.5× |
| AEYE Audioeye, Inc. compare | −3.6× |
| SSTI SoundThinking, Inc. compare | −3.0× |
| RSSS Research Solutions Inc. compare | −2.8× |
| NTWK NetSol Technologies Inc. compare | −2.7× |
| AIB AIB Data Centers Inc. compare | −2.6× |
| RDZN Roadzen Inc. compare | −0.6× |
| RTB RTB Digital, Inc. compare | 0.0× |
| BVC BitVentures Limited 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