AACAY (AAC Technologies Holdings) Beneish M-Score: -2.92 (As of Jun. 24, 2026)

What is AAC Technologies Holdings Beneish M-Score?

AAC Technologies Holdings AACAY +0.53% 92 Beneish M-Score is -2.92 as of Jun. 24, 2026. GuruFocus rates AACAY with a GF Score™ of 92/100 and a GF Value™ of $5.86 (Fairly Valued). The stock has 3 warning signs investors should review. Among 2,403 Hardware companies, AAC Technologies Holdings ranks better than 79.4% on this metric.

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 -2.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for AAC Technologies Holdings's Beneish M-Score or its related term are showing as below:

AACAY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.52 Max: -2.12
Current: -2.92

During the past 13 years, the highest Beneish M-Score of AAC Technologies Holdings was -2.12. The lowest was -3.45. And the median was -2.52.

AAC Technologies Holdings Beneish M-Score Related Terms

AAC Technologies Holdings Beneish M-Score Historical Data

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The historical data trend for AAC Technologies Holdings'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.

AAC Technologies Holdings Beneish M-Score Chart

AAC Technologies Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.14

-2.85

-2.50

-2.27

-2.92

AAC Technologies Holdings Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.50	0.00	-2.27	0.00	-2.92

AACAY vs CSCO, CIEN, MSI: Beneish M-Score Comparison

For the Communication Equipment subindustry, AAC Technologies Holdings'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.

AAC Technologies Holdings Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, AAC Technologies Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where AAC Technologies Holdings's Beneish M-Score falls into.

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92GF Score

AAC Technologies Holdings Inc AACAY

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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AAC Technologies Holdings 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 AAC Technologies Holdings 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 * 0.7754

0.528 * 1.0026

0.404 * 1.0197

0.892 * 1.2035

0.115 * 1.0555

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9365

4.679 * -0.095369

0.327 * 0.9757

-2.92

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $1,059 Mil.
Revenue was $4,517 Mil.
Gross Profit was $996 Mil.
Total Current Assets was $3,152 Mil.
Total Assets was $6,954 Mil.
Property, Plant and Equipment(Net PPE) was $2,951 Mil.
Depreciation, Depletion and Amortization(DDA) was $432 Mil.
Selling, General, & Admin. Expense(SGA) was $300 Mil.
Total Current Liabilities was $2,109 Mil.
Long-Term Debt & Capital Lease Obligation was $1,181 Mil.
Net Income was $357 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,020 Mil.

Total Receivables was $1,134 Mil.
Revenue was $3,754 Mil.
Gross Profit was $830 Mil.
Total Current Assets was $2,871 Mil.
Total Assets was $6,414 Mil.
Property, Plant and Equipment(Net PPE) was $2,774 Mil.
Depreciation, Depletion and Amortization(DDA) was $432 Mil.
Selling, General, & Admin. Expense(SGA) was $267 Mil.
Total Current Liabilities was $1,978 Mil.
Long-Term Debt & Capital Lease Obligation was $1,131 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)
	=	(1058.675 / 4517.405)	/	(1134.403 / 3753.527)
	=	0.234355	/	0.302223
	=	0.7754

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)
	=	(829.851 / 3753.527)	/	(996.101 / 4517.405)
	=	0.221086	/	0.220503
	=	1.0026

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 - (3152.307 + 2951.076) / 6954.012)	/	(1 - (2870.832 + 2773.975) / 6414.209)
	=	0.122322	/	0.119953
	=	1.0197

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
	=	4517.405	/	3753.527
	=	1.2035

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))
	=	(432.063 / (432.063 + 2773.975))	/	(431.938 / (431.938 + 2951.076))
	=	0.134765	/	0.127678
	=	1.0555

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)
	=	(300.371 / 4517.405)	/	(266.505 / 3753.527)
	=	0.066492	/	0.071001
	=	0.9365

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)
	=	((1180.744 + 2108.925) / 6954.012)	/	((1131.497 + 1978.255) / 6414.209)
	=	0.473061	/	0.484822
	=	0.9757

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
	=	(356.653 - 0	-	1019.851)	/	6954.012
	=	-0.095369

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.

AAC Technologies Holdings has a M-score of -2.92 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 -2.92 mean?

AAC Technologies Holdings (AACAY) has a Beneish M-Score of -2.92 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AAC Technologies Holdings and its competitors. According to the industry distribution chart, AAC Technologies Holdings ranks #495 out of 2403 companies in the Hardware industry, placing it in the top 20.6%.

Is AAC Technologies Holdings' Beneish M-Score too high?

AAC Technologies Holdings' current Beneish M-Score is -2.92. Based on the distribution chart, AAC Technologies Holdings ranks #495 out of 2403 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, AAC Technologies Holdings has a GF Score™ of 92/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does AAC Technologies Holdings' Beneish M-Score compare to CSCO and CIEN?

According to the Hardware industry distribution chart, AAC Technologies Holdings ranks #495 out of 2403 companies for Beneish M-Score. This places AAC Technologies Holdings in the top 21% of its industry — outperforming the majority of peers. 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 Hardware company?

A good Beneish M-Score depends on the Hardware 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 AAC Technologies Holdings and its competitors. AAC Technologies Holdings's current Beneish M-Score is -2.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is AAC Technologies Holdings stock overvalued right now?

Based on GuruFocus' analysis, AAC Technologies Holdings (AACAY) is currently considered Fairly Valued. The stock's GF Value™ is $5.86, compared to a current price of $5.85 — trading 0.2% below its estimated fair value. The current Beneish M-Score is -2.92. AAC Technologies Holdings' overall GF Score™ is 92/100 with 3 warning signs to review. 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 AAC Technologies Holdings (AACAY), the current Beneish M-Score is -2.92 as of Jun. 24, 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.

Is AAC Technologies Holdings (AACAY) Overvalued in 2026?

Based on GuruFocus' analysis, AAC Technologies Holdings stock appears to be undervalued. The current stock price of $5.85 is trading 0.2% below its estimated GF Value™ of $5.86. GuruFocus considers AAC Technologies Holdings to be Fairly Valued.

Key valuation signals for AACAY:

Beneish M-Score: -2.92
GF Value™: $5.86 vs. price of $5.85 (0.2% below fair value)
GF Score™: 92/100 with 3 warning signs

No single metric tells the full story. See the AACAY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

AAC Technologies Holdings Business Description

Industry Technology Hardware

Comparable Companies HKSE:01879 HKSE:03355 HKSE:00901 HKSE:00303 HKSE:01523 HKSE:01300 HKSE:02342 HKSE:09963 HKSE:01473 HKSE:01617 CSCO SHSE:601138 SZSE:300308 SZSE:300502 CIEN OHEL:NOKIA MSI LITE HPE SZSE:300394

Other Exchanges AACAF:USA 02018:Hong Kong A2XN:Germany

Address 1 Hennessy Road, Suite 2601, 26th Floor, One Hennessy, Wanchai, Hong Kong, HKG

Website https://www.aactechnologies.com

AAC Technologies is one of the world's largest manufacturers of miniature acoustic components, such as speakers and receivers, primarily for smartphones. Founded in 1993, the company has since expanded into the production of other handset components, such as electromagnetic drives (haptics), precision mechanical, lenses and camera modules, sensors, and MEMS microphones. AAC is headquartered in Shenzhen, China, and runs factories in China, Vietnam, Czechia, and Malaysia. It employed 44,181 people as at June 30, 2025.

92GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$5.85

Price

$5.86

GF Value

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