Versus Systems Inc.
VS Technology Software Application
In the quarter to June 2026, revenue grew 648.5%, EPS fell 28.6% and free cash flow grew 7.54%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Versus Systems Inc. (VS) Beneish M-score
Versus Systems Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | −8.14 | 1.92 |
| FY2022 | −10.06 | (5.87) |
| FY2021 | −4.19 | (4.68) |
| FY2020 | 0.49 | 1,458.40 |
| FY2019 | −1457.91 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 0.30 | — | 0.16 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 38.10 | — | 33.99 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.03 | — | −0.00 | |
| Total accruals to total assets | (0.04) | — | −0.21 | |
| Leverage index | 9.31 | — | −3.05 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
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 |
|---|---|
| IFBD Infobird Co., Ltd. compare | −11.0× |
| RCT RedCloud Holdings plc compare | −6.0× |
| RTCJF Baijiayun Group Ltd. compare | −4.1× |
| NVNIF Nvni Group Limited compare | −4.1× |
| AMST Amesite Inc. compare | −2.1× |
| BTTC Black Titan Corporation compare | 0.0× |
| ORKT Orangekloud Technology Inc. compare | 0.2× |
| VS Versus Systems Inc. | — |
| AUUD Auddia 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