EML Payments (ASX:EML) Beneish M-Score: -2.45 (As of Jun. 24, 2026)

What is EML Payments Beneish M-Score?

EML Payments ASX:EML -4.69% 27 Beneish M-Score is -2.45 as of Jun. 24, 2026. GuruFocus rates ASX:EML with a GF Score™ of 27/100 and a GF Value™ of A$0.79 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 2,633 Software companies, EML Payments ranks worse than 55.45% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:EML' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.49 Max: -1.35
Current: -2.45

During the past 13 years, the highest Beneish M-Score of EML Payments was -1.35. The lowest was -2.95. And the median was -2.49.

EML Payments Beneish M-Score Related Terms

EML Payments Beneish M-Score Historical Data

* Premium members only.

The historical data trend for EML Payments'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.

EML Payments Beneish M-Score Chart

EML Payments Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

Get a 7-Day Free Trial

-2.52

-1.90

-2.65

-2.69

-2.45

EML Payments 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															-2.65	0.00	-2.69	0.00	-2.45

ASX:EML vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, EML Payments'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.

EML Payments Beneish M-Score vs Software Industry

For the Software industry and Technology sector, EML Payments's Beneish M-Score distribution charts can be found below:

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

Save Embed

27GF Score

EML Payments Ltd ASX:EML

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

EML Payments 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 EML Payments 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 * 1.1825

0.528 * 1.0645

0.404 * 1.6692

0.892 * 0.9427

0.115 * 1.0535

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1147

4.679 * -0.029238

0.327 * 1.7224

-2.45

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was A$38.2 Mil.
Revenue was A$157.9 Mil.
Gross Profit was A$102.8 Mil.
Total Current Assets was A$1,991.9 Mil.
Total Assets was A$2,682.4 Mil.
Property, Plant and Equipment(Net PPE) was A$6.1 Mil.
Depreciation, Depletion and Amortization(DDA) was A$15.2 Mil.
Selling, General, & Admin. Expense(SGA) was A$92.0 Mil.
Total Current Liabilities was A$2,494.7 Mil.
Long-Term Debt & Capital Lease Obligation was A$30.8 Mil.
Net Income was A$-53.4 Mil.
Gross Profit was A$8.3 Mil.
Cash Flow from Operations was A$16.7 Mil.

Total Receivables was A$34.2 Mil.
Revenue was A$167.5 Mil.
Gross Profit was A$116.1 Mil.
Total Current Assets was A$3,556.6 Mil.
Total Assets was A$4,208.0 Mil.
Property, Plant and Equipment(Net PPE) was A$8.2 Mil.
Depreciation, Depletion and Amortization(DDA) was A$24.9 Mil.
Selling, General, & Admin. Expense(SGA) was A$87.5 Mil.
Total Current Liabilities was A$2,297.1 Mil.
Long-Term Debt & Capital Lease Obligation was A$3.0 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)
	=	(38.166 / 157.936)	/	(34.236 / 167.529)
	=	0.241655	/	0.204359
	=	1.1825

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)
	=	(116.096 / 167.529)	/	(102.82 / 157.936)
	=	0.69299	/	0.651023
	=	1.0645

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 - (1991.933 + 6.092) / 2682.367)	/	(1 - (3556.637 + 8.176) / 4207.989)
	=	0.255126	/	0.152846
	=	1.6692

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
	=	157.936	/	167.529
	=	0.9427

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))
	=	(24.862 / (24.862 + 8.176))	/	(15.232 / (15.232 + 6.092))
	=	0.752527	/	0.714313
	=	1.0535

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)
	=	(91.989 / 157.936)	/	(87.536 / 167.529)
	=	0.582445	/	0.522513
	=	1.1147

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)
	=	((30.79 + 2494.663) / 2682.367)	/	((3.023 + 2297.109) / 4207.989)
	=	0.941502	/	0.546611
	=	1.7224

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
	=	(-53.387 - 8.293	-	16.747)	/	2682.367
	=	-0.029238

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.

EML Payments has a M-score of -2.45 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 -2.45 mean?

EML Payments (ASX:EML) has a Beneish M-Score of -2.45 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EML Payments and its competitors. According to the industry distribution chart, EML Payments ranks #1460 out of 2633 companies in the Software industry, placing it in the top 55.5%.

Is EML Payments' Beneish M-Score too high?

EML Payments' current Beneish M-Score is -2.45. Based on the distribution chart, EML Payments ranks #1460 out of 2633 companies in the Software industry, which is below the industry midpoint. Overall, EML Payments has a GF Score™ of 27/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does EML Payments' Beneish M-Score compare to MSFT and ORCL?

According to the Software industry distribution chart, EML Payments ranks #1460 out of 2633 companies for Beneish M-Score. This places EML Payments 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 Software company?

A good Beneish M-Score depends on the Software 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 EML Payments and its competitors. EML Payments's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is EML Payments stock overvalued right now?

Based on GuruFocus' analysis, EML Payments (ASX:EML) is currently considered Possible Value Trap. The stock's GF Value™ is A$0.79, compared to a current price of A$0.31 — trading 61.4% below its estimated fair value. The current Beneish M-Score is -2.45. EML Payments' overall GF Score™ is 27/100 with 5 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 EML Payments (ASX:EML), the current Beneish M-Score is -2.45 as of Jun. 24, 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 EML Payments (ASX:EML) Overvalued in 2026?

Based on GuruFocus' analysis, EML Payments stock appears to be undervalued. The current stock price of A$0.31 is trading 61.4% below its estimated GF Value™ of A$0.79. GuruFocus considers EML Payments to be Possible Value Trap.

Key valuation signals for ASX:EML:

Beneish M-Score: -2.45
GF Value™: A$0.79 vs. price of A$0.31 (61.4% below fair value)
GF Score™: 27/100 with 5 warning signs

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

EML Payments Business Description

Industry Technology Software

Comparable Companies ASX:VFY ASX:WRK ASX:DAI ASX:ACE ASX:AV1 ASX:B4P ASX:FND ASX:RZI ASX:SEN ASX:CC5 MSFT ORCL PLTR PANW CRWD FTNT SNPS HKSE:02513 NET CRWV

Other Exchanges A8Y1:Germany

Address 333 Ann Street, Level 12, Brisbane, QLD, AUS, 4000

Website https://www.emlpayments.com

EML Payments is a financial technology company that operates across North America, Europe, and Australia. The firm builds the infrastructure for a customer to facilitate/accept payments via a prepaid card or in real-time. It makes money primarily via clipping a fee on payment transactions. It also earns fees from breakage, inactive accounts, cash establishments and interest on debit volumes. EML's payment solutions cater to a variety of applications including payouts, gifts, incentives, rewards, supplier payments, and more. The firm operates across three product offerings: gift and incentive cards, general purpose reloadable cards, and digital payments.

27GF Score

Get the complete analysis for ASX:EML

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

A$0.31

Price

A$0.79

GF Value

View ASX:EML Analysis

See Beneish M-Score data for all stocks →