NextPlat Corp.
NXPL Technology Software Application
In the quarter to June 2026, revenue fell 10.3%, EPS grew 92.9%, free cash flow grew 217.8% and total debt fell 33.0%, each against the same quarter a year earlier.
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NextPlat Corp. (NXPL) Beneish M-score
NextPlat Corp.'s Beneish M-score for fiscal 2025 is −3.30; 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 | −3.30 | 1.49 |
| FY2024 | −4.80 | (5.90) |
| FY2023 | 1.11 | (7.84) |
| FY2022 | 8.95 | 10.09 |
| FY2021 | −1.14 | 5.36 |
| FY2020 | −6.50 | (2.72) |
| FY2019 | −3.78 | 0.18 |
| FY2018 | −3.95 | 2.61 |
| FY2017 | −6.56 | (1.65) |
| FY2016 | −4.92 | (1.47) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.16 | — | 1.07 | |
| Gross margin index | 1.28 | — | 0.68 | |
| Asset quality index | 0.68 | — | 0.28 | |
| Sales growth index | 0.82 | — | 0.73 | |
| Depreciation index | 1.55 | — | 0.18 | |
| SG&A index | 1.05 | — | −0.18 | |
| Total accruals to total assets | (0.16) | — | −0.74 | |
| Leverage index | 1.46 | — | −0.48 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.30 | ||
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 |
|---|---|
| INLX Intellinetics, Inc. compare | −3.3× |
| BMR Beamr Imaging Ltd. compare | −3.3× |
| NXPL NextPlat Corp. | −3.3× |
| ZENVF Zenvia Inc. compare | −3.0× |
| VTSI VirTra, Inc. compare | −2.9× |
| FTFT Future FinTech Group Inc. compare | −2.3× |
| CREX Creative Realities, Inc. compare | −1.9× |
| PDC Earlyworks Co., Ltd. Unsponsored ADR compare | 10.4× |
| STIXF Semantix, 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