Valor Energy Inc.
VAI Industrials Rental & Leasing Services
Valor Energy Inc.’s revenue for fiscal 2026 (year ended March 2026) was $1.5 million, down 18.5% from fiscal 2025. In the quarter to June 2026, revenue fell 15.6%, EPS fell 4,173.3% and free cash flow fell 186.8%, each against the same quarter a year earlier.
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Valor Energy Inc. (VAI) Beneish M-score
Valor Energy Inc.'s Beneish M-score for fiscal 2026 is −6.70; 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 | −6.70 | (0.61) |
| FY2025 | −6.09 | (0.95) |
| FY2024 | −5.14 | 0.06 |
| FY2023 | −5.20 | (4.82) |
| FY2021 | −0.37 | (4.97) |
| FY2020 | 4.60 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.20 | — | 0.18 | |
| Gross margin index | 2.22 | — | 1.17 | |
| Asset quality index | 0.20 | — | 0.08 | |
| Sales growth index | 0.82 | — | 0.73 | |
| Depreciation index | 0.69 | — | 0.08 | |
| SG&A index | 1.76 | — | −0.30 | |
| Total accruals to total assets | (0.70) | — | −3.26 | |
| Leverage index | 1.64 | — | −0.54 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −6.70 | ||
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 |
|---|---|
| ZCAR Zoomcar Holdings, Inc. compare | −22.6× |
| VAI Valor Energy Inc. | −6.7× |
| HTZ Hertz Global Holdings, Inc. compare | −3.0× |
| CTOS Custom Truck One Source, Inc. compare | −3.0× |
| ALTG Alta Equipment Group Inc. compare | −2.9× |
| PRG Aaron's Holdings Company, Inc. compare | −2.9× |
| VSTS Vestis Corporation compare | −2.7× |
| WLFC Willis Lease Finance Corporation compare | −2.7× |
| MWG Multi Ways Holdings Limited compare | −2.5× |
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