Nova Ltd.
NVMI Technology Semiconductor Equipment & Materials
Nova Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $880.6 million, up 31.0% from fiscal 2024. In the quarter to June 2026, revenue grew 15.9%, EPS grew 1.72%, free cash flow fell 10.5% and total debt rose 389.2%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Nova Ltd. (NVMI) Beneish M-score
Nova Ltd.'s Beneish M-score for fiscal 2025 is −2.39; 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 | −2.39 | 0.00 |
| FY2024 | −2.39 | (0.06) |
| FY2023 | −2.33 | (0.64) |
| FY2022 | −1.70 | 0.18 |
| FY2021 | −1.88 | 0.97 |
| FY2020 | −2.85 | (0.45) |
| FY2019 | −2.40 | (0.44) |
| FY2018 | −1.96 | 0.92 |
| FY2017 | −2.87 | (1.74) |
| FY2016 | −1.13 | (1.86) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.83 | — | 0.77 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.23 | — | 0.50 | |
| Sales growth index | 1.31 | — | 1.17 | |
| Depreciation index | 0.80 | — | 0.09 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | 0.01 | — | 0.03 | |
| Leverage index | 1.45 | — | −0.47 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.39 | ||
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 |
|---|---|
| Q Qnity Electronics, Inc. compare | −3.8× |
| KLIC Kulicke and Soffa Industries, Inc. compare | −3.2× |
| CAMT Camtek Ltd. compare | −3.0× |
| ENTG Entegris, Inc. compare | −2.8× |
| ONTO Onto Innovation Inc. compare | −2.7× |
| AMKR Amkor Technology, Inc. compare | −2.6× |
| FORM FormFactor, Inc. compare | −2.4× |
| NVMI Nova Ltd. | −2.4× |
| ACMR ACM Research, Inc. compare | −2.0× |
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