NOVAQ (Sunnova Energy International) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


What is Sunnova Energy International Beneish M-Score?

Sunnova Energy International NOVAQ Beneish M-Score is 0.00 as of Jun. 25, 2026.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Sunnova Energy International's Beneish M-Score or its related term are showing as below:

During the past 8 years, the highest Beneish M-Score of Sunnova Energy International was 0.00. The lowest was 0.00. And the median was 0.00.

Sunnova Energy International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sunnova Energy International's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Sunnova Energy International Beneish M-Score Chart

Sunnova Energy International Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial -1.71 -1.20 -0.77 -2.28 -2.41

Sunnova Energy International Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.28 -2.55 -1.98 -2.12 -2.41

NOVAQ vs VSTTF, SING, APWL: Beneish M-Score Comparison

For the Solar subindustry, Sunnova Energy International's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Sunnova Energy International Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, Sunnova Energy International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sunnova Energy International's Beneish M-Score falls into.


Sunnova Energy International Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Sunnova Energy International for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0148+0.528 * 0.9064+0.404 * 0.8757+0.892 * 1.1655+0.115 * 0.9306
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9112+4.679 * -0.000395-0.327 * 0.9884
=-2.41

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was $565.7 Mil.
Revenue was 224.127 + 235.294 + 219.597 + 160.904 = $839.9 Mil.
Gross Profit was 99.34 + 113.893 + 106.219 + 57.508 = $377.0 Mil.
Total Current Assets was $1,027.5 Mil.
Total Assets was $13,353.7 Mil.
Property, Plant and Equipment(Net PPE) was $7,412.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $257.4 Mil.
Selling, General, & Admin. Expense(SGA) was $382.3 Mil.
Total Current Liabilities was $1,323.8 Mil.
Long-Term Debt & Capital Lease Obligation was $8,133.2 Mil.
Net Income was -142.291 + -122.589 + -33.053 + -69.96 = $-367.9 Mil.
Non Operating Income was -46.887 + 0 + -4.906 + 0.024 = $-51.8 Mil.
Cash Flow from Operations was -70.867 + -94.229 + -80.116 + -65.636 = $-310.8 Mil.
 Total Receivables was $478.3 Mil.
Revenue was 194.182 + 198.398 + 166.377 + 161.696 = $720.7 Mil.
Gross Profit was 69.562 + 82.98 + 78.118 + 62.496 = $293.2 Mil.
Total Current Assets was $936.2 Mil.
Total Assets was $11,341.0 Mil.
Property, Plant and Equipment(Net PPE) was $5,638.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $181.8 Mil.
Selling, General, & Admin. Expense(SGA) was $360.0 Mil.
Total Current Liabilities was $1,095.3 Mil.
Long-Term Debt & Capital Lease Obligation was $7,030.8 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(565.69 / 839.922) / (478.28 / 720.653)
=0.673503 / 0.663676
=1.0148

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(293.156 / 720.653) / (376.96 / 839.922)
=0.406792 / 0.448804
=0.9064

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (1027.503 + 7411.954) / 13353.699) / (1 - (936.248 + 5638.794) / 11340.971)
=0.368006 / 0.42024
=0.8757

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=839.922 / 720.653
=1.1655

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(181.819 / (181.819 + 5638.794)) / (257.444 / (257.444 + 7411.954))
=0.031237 / 0.033568
=0.9306

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(382.278 / 839.922) / (359.975 / 720.653)
=0.455135 / 0.499512
=0.9112

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((8133.179 + 1323.751) / 13353.699) / ((7030.756 + 1095.292) / 11340.971)
=0.708188 / 0.716521
=0.9884

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-367.893 - -51.769 - -310.848) / 13353.699
=-0.000395

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Sunnova Energy International has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Sunnova Energy International (NOVAQ) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sunnova Energy International and its competitors.
Is Sunnova Energy International's Beneish M-Score too high?
Sunnova Energy International's current Beneish M-Score is 0.00.
How does Sunnova Energy International's Beneish M-Score compare to VSTTF and SING?
Sunnova Energy International's Beneish M-Score of 0.00 can be compared against companies in the Semiconductors industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Semiconductors company?
A good Beneish M-Score depends on the Semiconductors industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sunnova Energy International and its competitors. Sunnova Energy International's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sunnova Energy International stock overvalued right now?
Sunnova Energy International (NOVAQ) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Sunnova Energy International (NOVAQ), the current Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Sunnova Energy International Business Description

Address 20 East Greenway Plaza, Suite 540, Houston, TX, USA, 77046
Sunnova Energy International Inc is a residential solar energy products and services provider company. It offers services such as operations and maintenance, monitoring, repairs and replacements, equipment upgrades, and onsite power optimization. The products and services offered by the group include Add-on battery storage, Home solar protection plans, New solar battery storage, and various other solar systems. It operates in a single reportable segment: solar energy products and services.