Nvni Group Limited
NVNIF Technology Software Application
Nvni Group Limited’s revenue for fiscal 2025 (year ended December 2025) was $35.2 million, down 1.67% from fiscal 2024.
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Nvni Group Limited (NVNIF) Beneish M-score
Nvni Group Limited's Beneish M-score for fiscal 2025 is −4.06; 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 | −4.06 | (0.18) |
| FY2024 | −3.87 | 1.08 |
| FY2023 | −4.96 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.11 | — | 1.02 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 0.98 | — | 0.88 | |
| Depreciation index | 1.06 | — | 0.12 | |
| SG&A index | 1.30 | — | −0.22 | |
| Total accruals to total assets | (0.33) | — | −1.55 | |
| Leverage index | 1.16 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.06 | ||
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 |
|---|---|
| IFBD Infobird Co., Ltd. compare | −11.0× |
| RCT RedCloud Holdings plc compare | −6.0× |
| RTCJF Baijiayun Group Ltd. compare | −4.1× |
| NVNIF Nvni Group Limited | −4.1× |
| XELA Exela Technologies, Inc. compare | −3.7× |
| CYN Cyngn Inc. compare | −2.6× |
| BTTC Black Titan Corporation compare | 0.0× |
| VS Versus Systems Inc. compare | — |
| AUUD Auddia 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