Nextpower Inc.
NXT Technology Solar
Nextpower Inc.’s revenue for fiscal 2026 (year ended March 2026) was $3.6 billion, up 20.3% from fiscal 2025. In the quarter to June 2026, revenue grew 8.21%, EPS grew 3.77% and free cash flow grew 50.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Nextpower Inc. (NXT) Beneish M-score
Nextpower Inc.'s Beneish M-score for fiscal 2026 is −2.52; 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) |
|---|---|---|
| FY2026 | −2.52 | (0.12) |
| FY2025 | −2.39 | 0.01 |
| FY2024 | −2.41 | (0.45) |
| FY2023 | −1.95 | (1.17) |
| FY2022 | −0.78 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.73 | — | 0.68 | |
| Gross margin index | 1.05 | — | 0.55 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 1.20 | — | 1.07 | |
| Depreciation index | 0.70 | — | 0.08 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | 0.01 | — | 0.03 | |
| Leverage index | 0.88 | — | −0.29 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.52 | ||
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 |
|---|---|
| SEDG SolarEdge Technologies, Inc. compare | −6.6× |
| FSLR First Solar, Inc. compare | −2.5× |
| NXT Nextpower Inc. | −2.5× |
| ARRY Array Technologies, Inc. compare | −2.5× |
| ENPH Enphase Energy, Inc. compare | −2.4× |
| SHLS Shoals Technologies Group, Inc. compare | −1.9× |
| RUN Sunrun Inc. compare | −1.9× |
| JKS JinkoSolar Holding Company Limited compare | −0.4× |
| DQ DAQO New Energy Corp. 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