NexGel, Inc.
NXGL Healthcare Medical Instruments & Supplies
NexGel, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.4 million, up 31.5% from fiscal 2024. In the quarter to June 2026, revenue grew 27.8%, EPS fell 344.4%, free cash flow fell 432.3% and total debt rose 353.8%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.
Follow NXGL
NexGel, Inc. (NXGL) Beneish M-score
NexGel, Inc.'s Beneish M-score for fiscal 2025 is −3.41; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.41 | (1.43) |
| FY2024 | −1.98 | (1.21) |
| FY2023 | −0.77 | 2.55 |
| FY2022 | −3.32 | 43.03 |
| FY2021 | −46.34 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.55 | — | 0.50 | |
| Gross margin index | 0.80 | — | 0.42 | |
| Asset quality index | 1.20 | — | 0.48 | |
| Sales growth index | 1.31 | — | 1.17 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 0.96 | — | −0.17 | |
| Total accruals to total assets | (0.15) | — | −0.71 | |
| Leverage index | 1.15 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.41 | ||
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 |
|---|---|
| RVP Retractable Technologies, Inc. compare | −15.4× |
| HBIO Harvard Bioscience, Inc. compare | −6.5× |
| MLSS Milestone Scientific, Inc. compare | −4.0× |
| NXGL NexGel, Inc. | −3.4× |
| BNGO Bionano Genomics, Inc. compare | −3.4× |
| LUCY Innovative Eyewear, Inc. compare | −2.4× |
| FEMY Femasys Inc. compare | −2.2× |
| RGNT Regentis Biomaterials Ltd. compare | — |
| CUPR Cuprina Holdings (Cayman) Limited 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