Pioneer Power Solutions, Inc.
PPSI Industrials Electrical Equipment & Parts
In the quarter to June 2026, revenue fell 40.0%, EPS fell 58.3%, free cash flow grew 50.6% and total debt fell 44.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow PPSI
Pioneer Power Solutions, Inc. (PPSI) Beneish M-score
Pioneer Power Solutions, Inc.'s Beneish M-score for fiscal 2025 is −1.46; 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 | −1.46 | (2.21) |
| FY2024 | 0.75 | 5.29 |
| FY2023 | −4.54 | (3.69) |
| FY2022 | −0.84 | 2.26 |
| FY2021 | −3.11 | (3.35) |
| FY2020 | 0.24 | 2.72 |
| FY2019 | −2.48 | 1.30 |
| FY2018 | −3.78 | (0.83) |
| FY2017 | −2.95 | (1.00) |
| FY2016 | −1.95 | 0.76 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.33 | — | 0.31 | |
| Gross margin index | 1.94 | — | 1.03 | |
| Asset quality index | 3.01 | — | 1.22 | |
| Sales growth index | 1.21 | — | 1.08 | |
| Depreciation index | 0.65 | — | 0.07 | |
| SG&A index | 0.78 | — | −0.13 | |
| Total accruals to total assets | (0.02) | — | −0.08 | |
| Leverage index | 0.32 | — | −0.10 | |
| Beneish M-score | Flagged by the model | −1.46 | ||
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 compare | −4.0× |
| 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. | −1.5× |
| PITEF Heramba Electric PLC compare | — |
| 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