SPAI (Safe Pro Group) Beneish M-Score : -9.31 (As of Jun. 23, 2025)

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What is Safe Pro Group Beneish M-Score?

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.

Good Sign:

Beneish M-Score -9.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Safe Pro Group's Beneish M-Score or its related term are showing as below:

SPAI' s Beneish M-Score Range Over the Past 10 Years
Min: -9.31 Med: -7.17 Max: -5.02
Current: -9.31

During the past 3 years, the highest Beneish M-Score of Safe Pro Group was -5.02. The lowest was -9.31. And the median was -7.17.

Safe Pro Group Beneish M-Score Historical Data

The historical data trend for Safe Pro Group'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.

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Safe Pro Group Beneish M-Score Chart

Safe Pro Group Annual Data

Trend

Dec22

Dec23

Dec24

Beneish M-Score

-5.02

Safe Pro Group Quarterly Data
	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial					-	-	-	-5.02	-9.31

Competitive Comparison of Safe Pro Group's Beneish M-Score

For the Aerospace & Defense subindustry, Safe Pro Group'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.

Safe Pro Group's Beneish M-Score Distribution in the Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, Safe Pro Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Safe Pro Group's Beneish M-Score falls into.

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Safe Pro Group 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 Safe Pro Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.0913

0.528 * 0.8548

0.404 * 0.946

0.892 * 2.3998

0.115 * 0.7186

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6702

4.679 * -1.575807

0.327 * 0.3797

-9.31

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was $0.02 Mil.
Revenue was 0.185 + 0.888 + 0.331 + 0.643 = $2.05 Mil.
Gross Profit was 0.062 + 0.464 + 0.134 + 0.185 = $0.85 Mil.
Total Current Assets was $1.49 Mil.
Total Assets was $3.69 Mil.
Property, Plant and Equipment(Net PPE) was $0.40 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.38 Mil.
Selling, General, & Admin. Expense(SGA) was $10.60 Mil.
Total Current Liabilities was $0.87 Mil.
Long-Term Debt & Capital Lease Obligation was $0.17 Mil.
Net Income was -3.965 + -1.384 + -3.685 + -1.215 = $-10.25 Mil.
Non Operating Income was 0.03 + 0 + 0 + 0 = $0.03 Mil.
Cash Flow from Operations was -0.942 + -1.03 + -1.906 + -0.591 = $-4.47 Mil.

Total Receivables was $0.07 Mil.
Revenue was 0.308 + 0.278 + 0.164 + 0.103 = $0.85 Mil.
Gross Profit was 0.127 + 0.078 + 0.062 + 0.034 = $0.30 Mil.
Total Current Assets was $1.09 Mil.
Total Assets was $3.17 Mil.
Property, Plant and Equipment(Net PPE) was $0.44 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.24 Mil.
Selling, General, & Admin. Expense(SGA) was $6.59 Mil.
Total Current Liabilities was $2.14 Mil.
Long-Term Debt & Capital Lease Obligation was $0.22 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)
	=	(0.016 / 2.047)	/	(0.073 / 0.853)
	=	0.007816	/	0.08558
	=	0.0913

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)
	=	(0.301 / 0.853)	/	(0.845 / 2.047)
	=	0.352872	/	0.412799
	=	0.8548

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 - (1.486 + 0.397) / 3.687)	/	(1 - (1.086 + 0.442) / 3.165)
	=	0.489287	/	0.51722
	=	0.946

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
	=	2.047	/	0.853
	=	2.3998

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))
	=	(0.241 / (0.241 + 0.442))	/	(0.383 / (0.383 + 0.397))
	=	0.352855	/	0.491026
	=	0.7186

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)
	=	(10.602 / 2.047)	/	(6.592 / 0.853)
	=	5.179287	/	7.728019
	=	0.6702

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)
	=	((0.171 + 0.872) / 3.687)	/	((0.219 + 2.139) / 3.165)
	=	0.282886	/	0.745024
	=	0.3797

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
	=	(-10.249 - 0.03	-	-4.469)	/	3.687
	=	-1.575807

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.

Safe Pro Group has a M-score of -9.31 suggests that the company is unlikely to be a manipulator.

Safe Pro Group Beneish M-Score Related Terms

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Safe Pro Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Aerospace & Defense » Safe Pro Group Inc (NAS:SPAI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

18305 Biscayne Boulevard, Suite 222, Aventura, FL, USA, 33160

Website

https://www.safeprogroup.com

Safe Pro Group Inc operates to acquire security and protection products. Its emphasis is on the development of a cloud-based ecosystem for analyzing drone imagery and data utilizing proprietary artificial intelligence (AI), machine learning, deep learning, and applied computer vision software for hyper-scalable processing, analysis, and reporting. The company operated in three reportable business segments which consisted of: the business of Safe-Pro USA, the business of Airborne Response, and the business of Safe Pro AI. Key revenue is generated from Airborne Response.