DXS International (AQSE:DXSP) Beneish M-Score: -3.95 (As of Jun. 26, 2026)


What is DXS International Beneish M-Score?

DXS International AQSE:DXSP Beneish M-Score is -3.95 as of Jun. 26, 2026. The stock has 2 warning signs investors should review. Among 633 Healthcare Providers & Services companies, DXS International ranks better than 92.73% 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 -3.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

AQSE:DXSP' s Beneish M-Score Range Over the Past 10 Years
Min: -11.52   Med: -3.27   Max: -2.69
Current: -3.95

During the past 11 years, the highest Beneish M-Score of DXS International was -2.69. The lowest was -11.52. And the median was -3.27.

DXS International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for DXS 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.

DXS International Beneish M-Score Chart

DXS International Annual Data
Trend Apr16 Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.86 -3.46 -2.69 -11.52 -3.95

DXS International Semi-Annual Data
Apr15 Apr16 Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only -2.86 -3.46 -2.69 -11.52 -3.95

AQSE:DXSP vs VEEV, BTSG, TEM: Beneish M-Score Comparison

For the Health Information Services subindustry, DXS 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.

DXS International Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, DXS International's Beneish M-Score distribution charts can be found below:

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


DXS 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 DXS 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 * 0.4461+0.528 * 1.01+0.404 * 1.1223+0.892 * 1.049+0.115 * 0.9998
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2422+4.679 * -0.207086-0.327 * 1.1619
=-3.95

* 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 (Apr25) TTM:Last Year (Apr24) TTM:
Total Receivables was £0.40 Mil.
Revenue was £3.47 Mil.
Gross Profit was £2.99 Mil.
Total Current Assets was £0.92 Mil.
Total Assets was £2.37 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £3.25 Mil.
Total Current Liabilities was £0.91 Mil.
Long-Term Debt & Capital Lease Obligation was £0.21 Mil.
Net Income was £-0.10 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £0.40 Mil.
 Total Receivables was £0.86 Mil.
Revenue was £3.31 Mil.
Gross Profit was £2.88 Mil.
Total Current Assets was £1.21 Mil.
Total Assets was £2.66 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £5.40 Mil.
Selling, General, & Admin. Expense(SGA) was £2.50 Mil.
Total Current Liabilities was £0.81 Mil.
Long-Term Debt & Capital Lease Obligation was £0.27 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)
=(0.402 / 3.47) / (0.859 / 3.308)
=0.11585 / 0.259674
=0.4461

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)
=(2.88 / 3.308) / (2.991 / 3.47)
=0.870617 / 0.86196
=1.01

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 - (0.916 + 0) / 2.371) / (1 - (1.205 + 0.001) / 2.661)
=0.613665 / 0.546787
=1.1223

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
=3.47 / 3.308
=1.049

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))
=(5.399 / (5.399 + 0.001)) / (0.001 / (0.001 + 0))
=0.999815 / 1
=0.9998

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)
=(3.251 / 3.47) / (2.495 / 3.308)
=0.936888 / 0.754232
=1.2422

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)
=((0.205 + 0.909) / 2.371) / ((0.265 + 0.811) / 2.661)
=0.469844 / 0.404359
=1.1619

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
=(-0.095 - 0 - 0.396) / 2.371
=-0.207086

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.

DXS International has a M-score of -3.95 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 -3.95 mean?
DXS International (AQSE:DXSP) has a Beneish M-Score of -3.95 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DXS International and its competitors. According to the industry distribution chart, DXS International ranks #46 out of 633 companies in the Healthcare Providers & Services industry, placing it in the top 7.3%.
Is DXS International's Beneish M-Score too high?
DXS International's current Beneish M-Score is -3.95. Based on the distribution chart, DXS International ranks #46 out of 633 companies in the Healthcare Providers & Services industry, which is in the top quartile — a strong position relative to peers.
How does DXS International's Beneish M-Score compare to VEEV and BTSG?
According to the Healthcare Providers & Services industry distribution chart, DXS International ranks #46 out of 633 companies for Beneish M-Score. This places DXS International in the top 7% 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 DXS International and its competitors. DXS International's current Beneish M-Score is -3.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DXS International stock overvalued right now?
Based on GuruFocus' analysis, DXS International (AQSE:DXSP) is currently considered Possible Value Trap. The stock's GF Value™ is £0.02, compared to a current price of £0.01 — trading 37.5% below its estimated fair value. The current Beneish M-Score is -3.95. 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 DXS International (AQSE:DXSP), the current Beneish M-Score is -3.95 as of Jun. 26, 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.

DXS International Business Description

Address 119 Saint Mary’s Road, Market Harborough, London, Leicestershire, GBR, LE16 7DT
DXS International PLC is engaged in the development and distribution of clinical decision support systems for General Practitioners, nurses, and retail pharmacies in the United Kingdom and South Africa. Its commercial activities include licensing DXS products to various ICBs, offering e-detailing opportunities to the pharmaceutical industry and the UK primary care sector, and licensing its technology to healthcare publishers. The company's products include BestPathway and Point-of-Care ExpertCare.