VirTra, Inc.
VTSI Technology Software Application
In the quarter to June 2026, revenue fell 17.4%, EPS fell 228.2%, free cash flow fell 210.8% and total debt rose 49.3%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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VirTra, Inc. (VTSI) Beneish M-score
VirTra, Inc.'s Beneish M-score for fiscal 2025 is −2.89; 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 | −2.89 | 0.04 |
| FY2024 | −2.93 | (1.01) |
| FY2023 | −1.93 | (0.09) |
| FY2022 | −1.84 | (0.26) |
| FY2021 | −1.58 | 1.22 |
| FY2020 | −2.81 | (2.53) |
| FY2019 | −0.28 | 2.66 |
| FY2018 | −2.94 | (2.40) |
| FY2017 | −0.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.74 | — | 0.68 | |
| Gross margin index | 1.09 | — | 0.57 | |
| Asset quality index | 1.64 | — | 0.66 | |
| Sales growth index | 0.85 | — | 0.76 | |
| Depreciation index | 0.76 | — | 0.09 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.89 | ||
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 |
|---|---|
| BMR Beamr Imaging Ltd. compare | −3.3× |
| JG Aurora Mobile Limited Sponsored ADR compare | −3.3× |
| NXPL NextPlat Corp. compare | −3.3× |
| ZENVF Zenvia Inc. compare | −3.0× |
| VTSI VirTra, Inc. | −2.9× |
| CREX Creative Realities, Inc. compare | −1.9× |
| STIXF Semantix, Inc. compare | — |
| BZAI Blaize Holdings, Inc. compare | — |
| ATHR Aether 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