Vision Marine Technologies Inc.
VMAR Consumer Cyclical Recreational Vehicles
Vision Marine Technologies Inc.’s revenue for fiscal 2025 (year ended August 2025) was $13.8 million, up 395.8% from fiscal 2024. In the quarter to May 2026, revenue grew 8,619.1%, EPS grew 98.4%, free cash flow grew 183.4% and total debt rose 7,753.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Vision Marine Technologies Inc. (VMAR) Beneish M-score
Vision Marine Technologies Inc.'s Beneish M-score for fiscal 2025 is 18.34; 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 | 18.34 | 23.94 |
| FY2024 | −5.59 | (2.30) |
| FY2023 | −3.30 | (1.26) |
| FY2022 | −2.04 | (1.06) |
| FY2021 | −0.98 | 2.55 |
| FY2019 | −3.53 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 20.40 | — | 18.76 | |
| Gross margin index | 1.15 | — | 0.61 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 4.96 | — | 4.42 | |
| Depreciation index | 2.09 | — | 0.24 | |
| SG&A index | 0.32 | — | −0.06 | |
| Total accruals to total assets | (0.18) | — | −0.85 | |
| Leverage index | 1.10 | — | −0.36 | |
| Beneish M-score | Flagged by the model | 18.34 | ||
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 |
|---|---|
| KNDI Kandi Technologies Group, Inc. compare | −5.7× |
| MBUU Malibu Boats, Inc. compare | −2.6× |
| WGO Winnebago Industries, Inc. compare | −2.5× |
| MAMO Massimo Group compare | −2.1× |
| EZGO EZGO Technologies Ltd. compare | −2.1× |
| MCFT MASTERCRAFT BOAT HOLDINGS, INC. compare | −0.9× |
| VMAR Vision Marine Technologies Inc. | 18.3× |
| VEEE Twin Vee PowerCats, Co. compare | — |
| FUVV Arcimoto, 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