stockrowNutriband Inc.
NTRB Healthcare Biotechnology
Nutriband Inc.’s revenue for fiscal 2026 (year ended January 2026) was $2.0 million, down 4.80% from fiscal 2025.
- Revenue
- −29.7%
- EPS
- +96.7%
- Free cash flow
- +55.5%
- Total debt
- −46.9%
Quarter to July 2026, against a year earlier
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Nutriband Inc. (NTRB) Beneish M-score
Nutriband Inc.'s Beneish M-score for fiscal 2026 is −3.51; 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) |
|---|---|---|
| FY2026 | −3.51 | 3.34 |
| FY2025 | −6.85 | (3.33) |
| FY2024 | −3.52 | (0.91) |
| FY2023 | −2.60 | 1.19 |
| FY2022 | −3.79 | (2.70) |
| FY2021 | −1.09 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.69 | — | 1.55 | |
| Gross margin index | 1.25 | — | 0.66 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 2.95 | — | 0.34 | |
| SG&A index | 1.70 | — | −0.29 | |
| Total accruals to total assets | (0.41) | — | −1.92 | |
| Leverage index | 0.78 | — | −0.25 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.51 | ||
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 |
|---|---|
| NTRB Nutriband Inc. | −3.5× |
| CSBR Champions Oncology, Inc. compare | −1.8× |
| MNOV MediciNova, Inc. compare | — |
| CNXU Conexeu Sciences Inc. compare | — |
| RANI Rani Therapeutics Holdings, Inc. compare | — |
| TNYA Tenaya Therapeutics, Inc. compare | — |
| ACRV Acrivon Therapeutics, Inc. compare | — |
| COYA Coya Therapeutics, Inc. compare | — |
| MAIA MAIA Biotechnology, 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