Safe Pro Group Inc.
SPAI Industrials Aerospace & Defense
Safe Pro Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $606,700.00, down 72.0% from fiscal 2024. In the quarter to June 2026, revenue grew 1,335.5%, EPS fell 15.4%, free cash flow fell 159.1% and total debt was flat, each against the same quarter a year earlier.
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Safe Pro Group Inc. (SPAI) Beneish M-score
Safe Pro Group Inc.'s Beneish M-score for fiscal 2025 is −4.28; 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 | −4.28 | 0.75 |
| FY2024 | −5.04 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.89 | — | 2.66 | |
| Gross margin index | 1.25 | — | 0.66 | |
| Asset quality index | 0.12 | — | 0.05 | |
| Sales growth index | 0.28 | — | 0.25 | |
| Depreciation index | 0.78 | — | 0.09 | |
| SG&A index | 6.14 | — | −1.06 | |
| Total accruals to total assets | (0.42) | — | −1.98 | |
| Leverage index | 0.35 | — | −0.11 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.28 | ||
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 |
|---|---|
| EVTL Vertical Aerospace Ltd. compare | −22.0× |
| MNTS Momentus Inc. compare | −4.3× |
| SPAI Safe Pro Group Inc. | −4.3× |
| OPXS Optex Systems Holdings Inc. compare | −2.7× |
| CVU CPI Aerostructures, Inc. compare | −1.3× |
| BYRN Byrna Technologies Inc. compare | 0.2× |
| HOVR New Horizon Aircraft Ltd. compare | — |
| FJET Starfighters Space, Inc. compare | — |
| PEW GrabAGun Digital Holdings 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