NetSol Technologies Inc.
NTWK Technology Software Application
In the quarter to June 2026, revenue grew 12.5%, EPS grew 74.9%, free cash flow grew 134,644.6% and total debt rose 58.2%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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NetSol Technologies Inc. (NTWK) Beneish M-score
NetSol Technologies Inc.'s Beneish M-score for fiscal 2026 is −2.67; 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 | −2.67 | (0.17) |
| FY2025 | −2.50 | 0.04 |
| FY2024 | −2.55 | 0.05 |
| FY2023 | −2.60 | (0.93) |
| FY2022 | −1.67 | 2.27 |
| FY2021 | −3.94 | (1.08) |
| FY2020 | −2.86 | (0.72) |
| FY2019 | −2.14 | (0.04) |
| FY2018 | −2.10 | 0.94 |
| FY2017 | −3.04 | (1.02) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.21 | — | 1.12 | |
| Gross margin index | 0.94 | — | 0.49 | |
| Asset quality index | 1.11 | — | 0.45 | |
| Sales growth index | 1.13 | — | 1.00 | |
| Depreciation index | 1.25 | — | 0.14 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.11) | — | −0.50 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.67 | ||
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. compare | −5.5× |
| AEYE Audioeye, Inc. compare | −3.6× |
| SCOR comScore, Inc. compare | −2.9× |
| RSSS Research Solutions Inc. compare | −2.8× |
| NTWK NetSol Technologies Inc. | −2.7× |
| AIB AIB Data Centers Inc. compare | −2.6× |
| CTK CooTek (Cayman) Inc. Sponsored ADR compare | −2.3× |
| RDZN Roadzen Inc. compare | −0.6× |
| RTB RTB Digital, Inc. compare | 0.0× |
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