Zeo Energy Corp.
ZEO Technology Solar
Zeo Energy Corp.’s revenue for fiscal 2025 (year ended December 2025) was $69.3 million, down 5.32% from fiscal 2024. In the quarter to June 2026, revenue fell 10.7%, EPS grew 36.4%, free cash flow grew 75.7% and total debt fell 20.9%, each against the same quarter a year earlier.
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Zeo Energy Corp. (ZEO) Beneish M-score
Zeo Energy Corp.'s Beneish M-score for fiscal 2025 is −3.48; 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 | −3.48 | (4.02) |
| FY2024 | 0.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 0.85 | — | 0.34 | |
| Sales growth index | 0.95 | — | 0.84 | |
| Depreciation index | 0.88 | — | 0.10 | |
| SG&A index | 1.29 | — | −0.22 | |
| Total accruals to total assets | (0.19) | — | −0.90 | |
| Leverage index | 0.59 | — | −0.19 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.48 | ||
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 |
|---|---|
| BEEM Beam Global compare | −4.2× |
| SUNE SUNation Energy Inc. compare | −3.6× |
| ZEO Zeo Energy Corp. | −3.5× |
| SPIEQ SPI Energy Co., Ltd. compare | −2.9× |
| SPRU Spruce Power Holding Corporation compare | −2.6× |
| SMXT Solarmax Technology, Inc. compare | −0.2× |
| ASTI Ascent Solar Technologies Inc. compare | — |
| FTCI FTC Solar, Inc. compare | — |
| MAXNQ Maxeon Solar Technologies, Ltd. 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