Safe & Green Holdings Corp.
OLOX Industrials Metal Fabrication
Safe & Green Holdings Corp.’s revenue for fiscal 2025 (year ended December 2025) was $3.0 million, down 40.7% from fiscal 2024. In the quarter to June 2026, revenue grew 193.7%, EPS grew 99.0%, free cash flow grew 130.8% and total debt rose 262.2%, each against the same quarter a year earlier.
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Safe & Green Holdings Corp. (OLOX) Beneish M-score
Safe & Green Holdings Corp.'s Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −3.56 | (4.54) |
| FY2021 | 0.98 | 1.05 |
| FY2020 | −0.08 | 5.81 |
| FY2019 | −5.88 | (3.25) |
| FY2018 | −2.63 | (4.31) |
| FY2017 | 1.67 | (66.93) |
| FY2016 | 68.60 | 81.90 |
| FY2015 | −13.29 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 5.07 | — | 4.66 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 5.32 | — | 2.15 | |
| Sales growth index | 0.59 | — | 0.53 | |
| Depreciation index | 1.61 | — | 0.19 | |
| SG&A index | 2.09 | — | −0.36 | |
| Total accruals to total assets | (0.30) | — | −1.43 | |
| Leverage index | 0.24 | — | −0.08 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
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 |
|---|---|
| AP Ampco-Pittsburgh Corporation compare | −3.0× |
| TPCS Techprecision Corp. compare | −2.8× |
| MEC Mayville Engineering Company, Inc. compare | −2.7× |
| TG Tredegar Corporation compare | −2.4× |
| IIIN Insteel Industries, Inc. compare | −1.9× |
| TRSG Tungray Technologies Inc. compare | −1.7× |
| HIHO Highway Holdings Limited compare | −1.4× |
| MTEN Mingteng International Corporation Inc. compare | −0.5× |
| OLOX Safe & Green Holdings Corp. | — |
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