Apiam Animal Health (ASX:AHX) Beneish M-Score: -2.75 (As of Jun. 26, 2026)

What is Apiam Animal Health Beneish M-Score?

Apiam Animal Health ASX:AHX 50 Beneish M-Score is -2.75 as of Jun. 26, 2026. GuruFocus rates ASX:AHX with a GF Score™ of 50/100 and a GF Value™ of A$0.40. The stock has 9 warning signs investors should review.

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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:AHX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84 Med: -2.74 Max: -2.61
Current: -2.75

During the past 10 years, the highest Beneish M-Score of Apiam Animal Health was -2.61. The lowest was -2.84. And the median was -2.74.

Apiam Animal Health Beneish M-Score Related Terms

Apiam Animal Health Beneish M-Score Historical Data

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The historical data trend for Apiam Animal Health'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.

Apiam Animal Health Beneish M-Score Chart

Apiam Animal Health Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.61

-2.68

-2.79

-2.81

-2.75

Apiam Animal Health 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															-2.79	0.00	-2.81	0.00	-2.75

ASX:AHX vs ROL, SCI, BFAM: Beneish M-Score Comparison

For the Personal Services subindustry, Apiam Animal Health'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.

Apiam Animal Health Beneish M-Score vs Personal Services Industry

For the Personal Services industry and Consumer Cyclical sector, Apiam Animal Health's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Apiam Animal Health's Beneish M-Score falls into.

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Apiam Animal Health Ltd ASX:AHX

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Apiam Animal Health 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 Apiam Animal Health 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 * 0.955

0.528 * 1.0121

0.404 * 0.9803

0.892 * 1.0111

0.115 * 0.9989

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9834

4.679 * -0.050341

0.327 * 1.009

-2.75

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was A$12.9 Mil.
Revenue was A$206.9 Mil.
Gross Profit was A$137.0 Mil.
Total Current Assets was A$32.6 Mil.
Total Assets was A$255.8 Mil.
Property, Plant and Equipment(Net PPE) was A$54.3 Mil.
Depreciation, Depletion and Amortization(DDA) was A$12.8 Mil.
Selling, General, & Admin. Expense(SGA) was A$90.1 Mil.
Total Current Liabilities was A$34.2 Mil.
Long-Term Debt & Capital Lease Obligation was A$96.5 Mil.
Net Income was A$0.8 Mil.
Gross Profit was A$-3.9 Mil.
Cash Flow from Operations was A$17.6 Mil.

Total Receivables was A$13.4 Mil.
Revenue was A$204.7 Mil.
Gross Profit was A$137.2 Mil.
Total Current Assets was A$32.5 Mil.
Total Assets was A$255.8 Mil.
Property, Plant and Equipment(Net PPE) was A$51.0 Mil.
Depreciation, Depletion and Amortization(DDA) was A$12.0 Mil.
Selling, General, & Admin. Expense(SGA) was A$90.7 Mil.
Total Current Liabilities was A$33.7 Mil.
Long-Term Debt & Capital Lease Obligation was A$95.9 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)
	=	(12.909 / 206.924)	/	(13.369 / 204.656)
	=	0.062385	/	0.065324
	=	0.955

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)
	=	(137.164 / 204.656)	/	(137.031 / 206.924)
	=	0.670217	/	0.662229
	=	1.0121

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 - (32.632 + 54.292) / 255.796)	/	(1 - (32.51 + 51.023) / 255.777)
	=	0.660182	/	0.673415
	=	0.9803

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
	=	206.924	/	204.656
	=	1.0111

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))
	=	(11.974 / (11.974 + 51.023))	/	(12.759 / (12.759 + 54.292))
	=	0.190073	/	0.190288
	=	0.9989

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)
	=	(90.149 / 206.924)	/	(90.665 / 204.656)
	=	0.435662	/	0.443012
	=	0.9834

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)
	=	((96.541 + 34.238) / 255.796)	/	((95.866 + 33.739) / 255.777)
	=	0.511263	/	0.506711
	=	1.009

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
	=	(0.832 - -3.931	-	17.64)	/	255.796
	=	-0.050341

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.

Apiam Animal Health has a M-score of -2.75 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 -2.75 mean?

Apiam Animal Health (ASX:AHX) has a Beneish M-Score of -2.75 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Apiam Animal Health and its competitors.

Is Apiam Animal Health's Beneish M-Score too high?

Apiam Animal Health's current Beneish M-Score is -2.75. Overall, Apiam Animal Health has a GF Score™ of 50/100, reflecting its overall financial health beyond just this single metric.

How does Apiam Animal Health's Beneish M-Score compare to ROL and SCI?

Apiam Animal Health's Beneish M-Score of -2.75 can be compared against companies in the Personal Services 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 Personal Services company?

A good Beneish M-Score depends on the Personal 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 Apiam Animal Health and its competitors. Apiam Animal Health's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Apiam Animal Health stock overvalued right now?

Apiam Animal Health (ASX:AHX) has a current Beneish M-Score of -2.75. The stock's GF Value™ is A$0.40, compared to a current price of A$0.88 — trading 118.8% above its estimated fair value. The current Beneish M-Score is -2.75. Apiam Animal Health's overall GF Score™ is 50/100 with 9 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 Apiam Animal Health (ASX:AHX), the current Beneish M-Score is -2.75 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 Apiam Animal Health (ASX:AHX) Overvalued in 2026?

Based on GuruFocus' analysis, Apiam Animal Health stock appears to be overvalued. The current stock price of A$0.88 is trading 118.8% above its estimated GF Value™ of A$0.40.

Key valuation signals for ASX:AHX:

Beneish M-Score: -2.75
GF Value™: A$0.40 vs. price of A$0.88 (118.8% above fair value)
GF Score™: 50/100 with 9 warning signs

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

Apiam Animal Health Business Description

Industry Consumer Cyclical Personal Services

Comparable Companies ASX:SHJ ASX:MFD ASX:AFL ASX:PFP ROL SCI BFAM HRB FTDR ANDG LSE:XPS HKSE:01448 XTER:CWC CSV OHEL:MUSTI HKSE:08603 ROCO:5530 TSE:6574 LSE:MER HKSE:02521

Address 27- 33 Piper Lane, East Bendigo, Bendigo, VIC, AUS, 3550

Website https://www.apiam.com.au

Apiam Animal Health Ltd provides products and services to support the health and welfare of production and mixed animals. The company offers veterinary wholesale, warehousing, logistics, and other ancillary services. Its operating segments include Dairy and Mixed, Feedlots and Pigs. It generates the majority of its revenue from Dairy and Mixed. The Group operates in the segment of provision of veterinary products and services to production, companion and equine animals.

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

A$0.88

Price

A$0.40

GF Value

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