NOVONIX Limited Sponsored ADR
NVX Industrials Electrical Equipment & Parts
NOVONIX Limited Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $5.6 million, down 4.05% from fiscal 2024.
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NOVONIX Limited Sponsored ADR (NVX) Beneish M-score
NOVONIX Limited Sponsored ADR's Beneish M-score for fiscal 2025 is −3.98; 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 | −3.98 | (2.19) |
| FY2024 | −1.79 | 0.78 |
| FY2022 | −2.57 | (0.49) |
| FY2021 | −2.08 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.27 | — | 0.25 | |
| Gross margin index | 1.26 | — | 0.66 | |
| Asset quality index | 0.78 | — | 0.31 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 1.17 | — | 0.13 | |
| SG&A index | 0.86 | — | −0.15 | |
| Total accruals to total assets | (0.18) | — | −0.84 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.98 | ||
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 |
|---|---|
| NVX NOVONIX Limited Sponsored ADR | −4.0× |
| ULBI Ultralife Corporation compare | −2.8× |
| RFIL RF Industries, Ltd. compare | −2.7× |
| OESX Orion Energy Systems, Inc. compare | −2.4× |
| TGEN Tecogen Inc. compare | −2.4× |
| CBAT China BAK Battery, Inc. compare | −2.3× |
| APWC Asia Pacific Wire & Cable Corporation Limited compare | −2.3× |
| PPSI Pioneer Power Solutions, Inc. compare | −1.5× |
| STI Solidion Technology 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