AQQRF (Aquarius Surgical Technologies) Beneish M-Score: -3.53 (As of Jun. 25, 2026)

What is Aquarius Surgical Technologies Beneish M-Score?

Aquarius Surgical Technologies AQQRF Beneish M-Score is -3.53 as of Jun. 25, 2026. The stock has 4 warning signs investors should review. Among 766 Medical Devices & Instruments companies, Aquarius Surgical Technologies ranks better than 89.56% 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 -3.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

AQQRF' s Beneish M-Score Range Over the Past 10 Years
Min: -231.25 Med: -6.72 Max: 141.36
Current: -3.53

During the past 13 years, the highest Beneish M-Score of Aquarius Surgical Technologies was 141.36. The lowest was -231.25. And the median was -6.72.

Aquarius Surgical Technologies Beneish M-Score Related Terms

Aquarius Surgical Technologies Beneish M-Score Historical Data

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The historical data trend for Aquarius Surgical Technologies'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.

Aquarius Surgical Technologies Beneish M-Score Chart

Aquarius Surgical Technologies Annual Data

Trend

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Beneish M-Score

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0.00

-126.75

-8.36

-7.33

-2.49

Aquarius Surgical Technologies Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-8.11	-2.49	0.00	-3.15	-3.53

AQQRF vs ABT, SYK, MDT: Beneish M-Score Comparison

For the Medical Devices subindustry, Aquarius Surgical Technologies'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.

Aquarius Surgical Technologies Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Aquarius Surgical Technologies's Beneish M-Score distribution charts can be found below:

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

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Aquarius Surgical Technologies 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 Aquarius Surgical Technologies 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 * 1.4294

0.528 * 0.96

0.404 * 1.3889

0.892 * 0.679

0.115 * 0.3607

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7476

4.679 * -0.296443

0.327 * 0.3856

-3.45

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $0.03 Mil.
Revenue was 0.017 + 0.014 + 0.013 + 0.011 = $0.06 Mil.
Gross Profit was 0.008 + 0.007 + 0.007 + 0.007 = $0.03 Mil.
Total Current Assets was $0.07 Mil.
Total Assets was $1.27 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $0.23 Mil.
Total Current Liabilities was $1.43 Mil.
Long-Term Debt & Capital Lease Obligation was $4.52 Mil.
Net Income was -0.424 + -0.585 + 0.521 + -0.336 = $-0.82 Mil.
Non Operating Income was -0.323 + -0.434 + 0.658 + -0.225 = $-0.32 Mil.
Cash Flow from Operations was -0.011 + -0.035 + -0.031 + -0.048 = $-0.13 Mil.

Total Receivables was $0.03 Mil.
Revenue was 0.009 + 0.028 + 0.018 + 0.026 = $0.08 Mil.
Gross Profit was 0.004 + 0.015 + 0.008 + 0.014 = $0.04 Mil.
Total Current Assets was $0.07 Mil.
Total Assets was $0.33 Mil.
Property, Plant and Equipment(Net PPE) was $0.04 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $0.46 Mil.
Total Current Liabilities was $1.21 Mil.
Long-Term Debt & Capital Lease Obligation was $2.84 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)
	=	(0.033 / 0.055)	/	(0.034 / 0.081)
	=	0.6	/	0.419753
	=	1.4294

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)
	=	(0.041 / 0.081)	/	(0.029 / 0.055)
	=	0.506173	/	0.527273
	=	0.96

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 - (0.069 + 0) / 1.265)	/	(1 - (0.067 + 0.039) / 0.332)
	=	0.945455	/	0.680723
	=	1.3889

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
	=	0.055	/	0.081
	=	0.679

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))
	=	(0.022 / (0.022 + 0.039))	/	(0.016 / (0.016 + 0))
	=	0.360656	/	1
	=	0.3607

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)
	=	(0.232 / 0.055)	/	(0.457 / 0.081)
	=	4.218182	/	5.641975
	=	0.7476

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)
	=	((4.519 + 1.425) / 1.265)	/	((2.839 + 1.207) / 0.332)
	=	4.698814	/	12.186747
	=	0.3856

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
	=	(-0.824 - -0.324	-	-0.125)	/	1.265
	=	-0.296443

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.

Aquarius Surgical Technologies has a M-score of -3.45 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 -3.53 mean?

Aquarius Surgical Technologies (AQQRF) has a Beneish M-Score of -3.53 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aquarius Surgical Technologies and its competitors. According to the industry distribution chart, Aquarius Surgical Technologies ranks #80 out of 766 companies in the Medical Devices & Instruments industry, placing it in the top 10.4%.

Is Aquarius Surgical Technologies' Beneish M-Score too high?

Aquarius Surgical Technologies' current Beneish M-Score is -3.53. Based on the distribution chart, Aquarius Surgical Technologies ranks #80 out of 766 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers.

How does Aquarius Surgical Technologies' Beneish M-Score compare to ABT and SYK?

According to the Medical Devices & Instruments industry distribution chart, Aquarius Surgical Technologies ranks #80 out of 766 companies for Beneish M-Score. This places Aquarius Surgical Technologies in the top 10% 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 Medical Devices & Instruments company?

A good Beneish M-Score depends on the Medical Devices & Instruments 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 Aquarius Surgical Technologies and its competitors. Aquarius Surgical Technologies's current Beneish M-Score is -3.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Aquarius Surgical Technologies stock overvalued right now?

Aquarius Surgical Technologies (AQQRF) has a current Beneish M-Score of -3.53. The current Beneish M-Score is -3.53. 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 Aquarius Surgical Technologies (AQQRF), the current Beneish M-Score is -3.53 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.

Aquarius Surgical Technologies Business Description

Industry Healthcare Medical Devices & Instruments

Comparable Companies TSXV:VER.H TSXV:TEST.H TSXV:CHIP.H XCNQ:MYTC ABT SYK MDT BSX EW XTER:SHL DXCM GEHC SZSE:300760 XAMS:PHIA STE ZBH XSWX:SOON SHSE:688271 LSE:SN.PEN

Other Exchanges ASTI:Canada

Address 89 Scollard Street, Toronto, ON, CAN, M5R 1G4

Website https://aquariussurgical.com

Aquarius Surgical Technologies Inc is engaged in the development, sale, distribution, marketing, and exploitation of laser-driven technologies for use in surgical environments. Through its subsidiary, the company operates as an international distributor, service, and support organization providing integrated laser-based solutions across multiple medical disciplines. These disciplines include urology, gynecology, ophthalmology, thoracic, ENT, cardiovascular, and neurosurgery, many of which are now considered the standard of care for treatment. Geographically, the company generates maximum revenue from the sale of medical devices in the United States, and also has its presence in Canada.