Flyte Aviation, Inc.
VJET Healthcare Medical Devices
Flyte Aviation, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $819,000.00, up 95.0% from fiscal 2024. In the quarter to June 2026, revenue grew 380.7%, EPS grew 87.3%, free cash flow fell 26.7% and total debt rose 160.0%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years.
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Flyte Aviation, Inc. (VJET) Beneish M-score
Flyte Aviation, Inc.'s Beneish M-score for fiscal 2025 is −4.90; 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 | −4.90 | (0.56) |
| FY2024 | −4.34 | (2.09) |
| FY2018 | −2.25 | 4.73 |
| FY2017 | −6.98 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.14 | — | 1.04 | |
| Gross margin index | 0.98 | — | 0.51 | |
| Asset quality index | 1.11 | — | 0.45 | |
| Sales growth index | 1.95 | — | 1.74 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 0.55 | — | −0.09 | |
| Total accruals to total assets | (0.59) | — | −2.77 | |
| Leverage index | 3.23 | — | −1.05 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.90 | ||
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 |
|---|---|
| XAIR Beyond Air, Inc. compare | −11.9× |
| NUWE Nuwellis, Inc. compare | −7.7× |
| VJET Flyte Aviation, Inc. | −4.9× |
| DHAI DIH Holding US, Inc. compare | −3.9× |
| BIOLQ Biolase, Inc. compare | −3.4× |
| NXL Nexalin Technology, Inc. compare | −2.9× |
| AFIB Acutus Medical, Inc. compare | −2.5× |
| NUVOQ Holdco Nuvo Group D.G Ltd. compare | — |
| ADGM Adagio Medical 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