Audinate Group (ASX:AD8) Beneish M-Score: -3.21 (As of Jun. 26, 2026)


ASX:AD8 Audinate Group Ltd ASX:AD8
70 GF Score
Price A$2.26
GF Value A$7.79
Valuation Significantly Undervalued
! 3 Warning Signs
View Full Analysis

What is Audinate Group Beneish M-Score?

Audinate Group ASX:AD8 -4.64% 70 Beneish M-Score is -3.21 as of Jun. 26, 2026. GuruFocus rates ASX:AD8 with a GF Score™ of 70/100 and a GF Value™ of A$7.79 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 2,403 Hardware companies, Audinate Group ranks better than 87.85% 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 -3.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:AD8' s Beneish M-Score Range Over the Past 10 Years
Min: -3.73   Med: -2.34   Max: -1.69
Current: -3.21

During the past 9 years, the highest Beneish M-Score of Audinate Group was -1.69. The lowest was -3.73. And the median was -2.34.

Audinate Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Audinate 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.

Audinate Group Beneish M-Score Chart

Audinate Group Annual Data
Trend Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.48 -1.69 -2.26 -2.34 -3.21

Audinate Group Semi-Annual Data
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 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 -2.34 0.00 -3.21 0.00

ASX:AD8 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, Audinate 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.

Audinate Group Beneish M-Score vs Hardware Industry

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

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


ASX:AD8
70GF Score
Audinate Group Ltd ASX:AD8
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Audinate 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 Audinate Group 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 * 0.9567+0.528 * 0.9022+0.404 * 1.1521+0.892 * 0.6785+0.115 * 0.9018
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5774+4.679 * -0.074812-0.327 * 0.8568
=-3.21

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was A$6.94 Mil.
Revenue was A$62.07 Mil.
Gross Profit was A$51.10 Mil.
Total Current Assets was A$123.70 Mil.
Total Assets was A$182.40 Mil.
Property, Plant and Equipment(Net PPE) was A$4.52 Mil.
Depreciation, Depletion and Amortization(DDA) was A$15.61 Mil.
Selling, General, & Admin. Expense(SGA) was A$50.87 Mil.
Total Current Liabilities was A$13.14 Mil.
Long-Term Debt & Capital Lease Obligation was A$1.43 Mil.
Net Income was A$-6.38 Mil.
Gross Profit was A$-0.21 Mil.
Cash Flow from Operations was A$7.47 Mil.
 Total Receivables was A$10.69 Mil.
Revenue was A$91.48 Mil.
Gross Profit was A$67.96 Mil.
Total Current Assets was A$135.39 Mil.
Total Assets was A$189.47 Mil.
Property, Plant and Equipment(Net PPE) was A$5.23 Mil.
Depreciation, Depletion and Amortization(DDA) was A$12.17 Mil.
Selling, General, & Admin. Expense(SGA) was A$47.53 Mil.
Total Current Liabilities was A$15.25 Mil.
Long-Term Debt & Capital Lease Obligation was A$2.41 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)
=(6.939 / 62.069) / (10.69 / 91.483)
=0.111795 / 0.116852
=0.9567

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)
=(67.959 / 91.483) / (51.104 / 62.069)
=0.742859 / 0.823342
=0.9022

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 - (123.699 + 4.519) / 182.403) / (1 - (135.388 + 5.232) / 189.474)
=0.297062 / 0.25784
=1.1521

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
=62.069 / 91.483
=0.6785

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))
=(12.173 / (12.173 + 5.232)) / (15.612 / (15.612 + 4.519))
=0.699397 / 0.77552
=0.9018

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)
=(50.873 / 62.069) / (47.534 / 91.483)
=0.81962 / 0.519594
=1.5774

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)
=((1.428 + 13.135) / 182.403) / ((2.406 + 15.249) / 189.474)
=0.07984 / 0.093179
=0.8568

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
=(-6.378 - -0.205 - 7.473) / 182.403
=-0.074812

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.

Audinate Group has a M-score of -3.21 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 -3.21 mean?
Audinate Group (ASX:AD8) has a Beneish M-Score of -3.21 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Audinate Group and its competitors. According to the industry distribution chart, Audinate Group ranks #292 out of 2403 companies in the Hardware industry, placing it in the top 12.2%.
Is Audinate Group's Beneish M-Score too high?
Audinate Group's current Beneish M-Score is -3.21. Based on the distribution chart, Audinate Group ranks #292 out of 2403 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Audinate Group has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Audinate Group's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Audinate Group ranks #292 out of 2403 companies for Beneish M-Score. This places Audinate Group in the top 12% 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 Audinate Group and its competitors. Audinate Group's current Beneish M-Score is -3.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Audinate Group stock overvalued right now?
Based on GuruFocus' analysis, Audinate Group (ASX:AD8) is currently considered Significantly Undervalued. The stock's GF Value™ is A$7.79, compared to a current price of A$2.26 — trading 71% below its estimated fair value. The current Beneish M-Score is -3.21. Audinate Group's overall GF Score™ is 70/100 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 Audinate Group (ASX:AD8), the current Beneish M-Score is -3.21 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.

Is Audinate Group (ASX:AD8) Overvalued in 2026?

Based on GuruFocus' analysis, Audinate Group stock appears to be undervalued. The current stock price of A$2.26 is trading 71% below its estimated GF Value™ of A$7.79. GuruFocus considers Audinate Group to be Significantly Undervalued.

Key valuation signals for ASX:AD8:

  • Beneish M-Score: -3.21
  • GF Value™: A$7.79 vs. price of A$2.26 (71% below fair value)
  • GF Score™: 70/100 with 3 warning signs

No single metric tells the full story. See the ASX:AD8 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Audinate Group Business Description

Other Exchanges AUDGF:USA
Address 64 Kippax Street, Level 7, Surry Hills, NSW, AUS, 2010
Audinate is a founder-led networking technology company for the professional AV industry. Audinate's Dante protocol is the world's most widely used protocol for digital audio networking. Over 500 OEM brands license the Dante protocol for around 5,000 products.
70GF Score

Get the complete analysis for ASX:AD8

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

A$2.26
Price
A$7.79
GF Value