ADPXY (Audio Pixels Holdings) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


ADPXY Audio Pixels Holdings Ltd ADPXY
22 GF Score
Price $3.00
! 3 Warning Signs
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What is Audio Pixels Holdings Beneish M-Score?

Audio Pixels Holdings ADPXY 22 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates ADPXY with a GF Score™ of 22/100. The stock has 3 warning signs investors should review. Among 2,403 Hardware companies, Audio Pixels Holdings ranks worse than 41614.61% 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.

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

During the past 13 years, the highest Beneish M-Score of Audio Pixels Holdings was 31.90. The lowest was -3.89. And the median was -2.44.

Audio Pixels Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Audio Pixels 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.

Audio Pixels Holdings Beneish M-Score Chart

Audio Pixels Holdings Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.85 -3.89 31.90 -2.02 0.00

Audio Pixels Holdings Semi-Annual Data
Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25
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 0.00 -2.02 0.00 0.00 0.00

ADPXY vs ZEPP, UEIC, AXIL: Beneish M-Score Comparison

For the Consumer Electronics subindustry, Audio Pixels 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.

Audio Pixels Holdings Beneish M-Score vs Hardware Industry

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

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


ADPXY
22GF Score
Audio Pixels Holdings Ltd ADPXY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Audio Pixels 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 Audio Pixels Holdings 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 $0.16 Mil.
Revenue was $0.00 Mil.
Gross Profit was $0.00 Mil.
Total Current Assets was $4.64 Mil.
Total Assets was $5.13 Mil.
Property, Plant and Equipment(Net PPE) was $0.48 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.24 Mil.
Selling, General, & Admin. Expense(SGA) was $1.08 Mil.
Total Current Liabilities was $12.13 Mil.
Long-Term Debt & Capital Lease Obligation was $0.01 Mil.
Net Income was $-5.18 Mil.
Gross Profit was $0.59 Mil.
Cash Flow from Operations was $-3.77 Mil.
 Total Receivables was $0.23 Mil.
Revenue was $0.01 Mil.
Gross Profit was $0.01 Mil.
Total Current Assets was $2.17 Mil.
Total Assets was $2.69 Mil.
Property, Plant and Equipment(Net PPE) was $0.51 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.29 Mil.
Selling, General, & Admin. Expense(SGA) was $1.28 Mil.
Total Current Liabilities was $4.56 Mil.
Long-Term Debt & Capital Lease Obligation was $0.03 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)
=(0.163 / 0) / (0.225 / 0.014)
= / 16.071429
=

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)
=(0.014 / 0.014) / (0 / 0)
=1 /
=

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 - (4.641 + 0.476) / 5.125) / (1 - (2.165 + 0.513) / 2.686)
=0.001561 / 0.002978
=

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
=0 / 0.014
=

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))
=(0.29 / (0.29 + 0.513)) / (0.236 / (0.236 + 0.476))
=0.361146 / 0.331461
=

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)
=(1.075 / 0) / (1.28 / 0.014)
= / 91.428571
=

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)
=((0.011 + 12.128) / 5.125) / ((0.03 + 4.562) / 2.686)
=2.368585 / 1.709605
=

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
=(-5.175 - 0.585 - -3.767) / 5.125
=-0.388878

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Audio Pixels Holdings (ADPXY) 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 Audio Pixels Holdings and its competitors. According to the industry distribution chart, Audio Pixels Holdings ranks #999999 out of 2403 companies in the Hardware industry.
Is Audio Pixels Holdings' Beneish M-Score too high?
Audio Pixels Holdings' current Beneish M-Score is 0.00. Based on the distribution chart, Audio Pixels Holdings ranks #999999 out of 2403 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Audio Pixels Holdings has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Audio Pixels Holdings' Beneish M-Score compare to ZEPP and UEIC?
According to the Hardware industry distribution chart, Audio Pixels Holdings ranks #999999 out of 2403 companies for Beneish M-Score. This places Audio Pixels Holdings in the lower half of its 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 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 Audio Pixels Holdings and its competitors. Audio Pixels Holdings'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 Audio Pixels Holdings stock overvalued right now?
Audio Pixels Holdings (ADPXY) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Audio Pixels Holdings' overall GF Score™ is 22/100 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 Audio Pixels Holdings (ADPXY), 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.

Audio Pixels Holdings Business Description

Address 75 Elizabeth Street, Suite 3, Level 12, Sydney, NSW, AUS, 2000
Audio Pixels Holdings Ltd is engaged in the development of digital speaker's microchip by utilizing the technological platform for reproducing sound. The company operates in Australia and Israel. It operates through single segment which is digital speakers segment. The company's MEMS-GEN-II platform enables the market for audio speakers to follow the evolution of the video display market from large, heavy analog tube-based monitors to the digital flat panel displays of today.
22GF Score

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