Experience Co (ASX:EXP) Beneish M-Score: -3.16 (As of Jun. 24, 2026)


What is Experience Co Beneish M-Score?

Experience Co ASX:EXP +1.37% Beneish M-Score is -3.16 as of Jun. 24, 2026. The stock has 9 warning signs investors should review. Among 823 Travel & Leisure companies, Experience Co ranks better than 84.2% 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 -3.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:EXP' s Beneish M-Score Range Over the Past 10 Years
Min: -4.08   Med: -2.58   Max: -1.47
Current: -3.16

During the past 11 years, the highest Beneish M-Score of Experience Co was -1.47. The lowest was -4.08. And the median was -2.58.

Experience Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Experience Co'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.

Experience Co Beneish M-Score Chart

Experience Co Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.68 -1.47 -2.27 -2.58 -3.16

Experience Co Semi-Annual Data
Jun16 Dec16 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 Premium Member Only Premium Member Only 0.00 -2.58 0.00 -3.16 0.00

ASX:EXP vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, Experience Co'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.

Experience Co Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Experience Co's Beneish M-Score distribution charts can be found below:

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


Experience Co 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 Experience Co 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 * 0.6682+0.528 * 0.9436+0.404 * 0.9281+0.892 * 1.0494+0.115 * 1.0354
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9868+4.679 * -0.090165-0.327 * 0.8268
=-3.16

* 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$3.1 Mil.
Revenue was A$134.3 Mil.
Gross Profit was A$53.6 Mil.
Total Current Assets was A$21.3 Mil.
Total Assets was A$190.5 Mil.
Property, Plant and Equipment(Net PPE) was A$113.1 Mil.
Depreciation, Depletion and Amortization(DDA) was A$12.7 Mil.
Selling, General, & Admin. Expense(SGA) was A$21.7 Mil.
Total Current Liabilities was A$31.5 Mil.
Long-Term Debt & Capital Lease Obligation was A$31.0 Mil.
Net Income was A$-1.0 Mil.
Gross Profit was A$-1.4 Mil.
Cash Flow from Operations was A$17.6 Mil.
 Total Receivables was A$4.4 Mil.
Revenue was A$128.0 Mil.
Gross Profit was A$48.2 Mil.
Total Current Assets was A$20.5 Mil.
Total Assets was A$192.0 Mil.
Property, Plant and Equipment(Net PPE) was A$110.7 Mil.
Depreciation, Depletion and Amortization(DDA) was A$12.9 Mil.
Selling, General, & Admin. Expense(SGA) was A$21.0 Mil.
Total Current Liabilities was A$32.2 Mil.
Long-Term Debt & Capital Lease Obligation was A$44.0 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)
=(3.082 / 134.315) / (4.395 / 127.991)
=0.022946 / 0.034338
=0.6682

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)
=(48.169 / 127.991) / (53.569 / 134.315)
=0.376347 / 0.398831
=0.9436

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 - (21.329 + 113.147) / 190.485) / (1 - (20.532 + 110.665) / 192.035)
=0.294034 / 0.316807
=0.9281

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
=134.315 / 127.991
=1.0494

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))
=(12.926 / (12.926 + 110.665)) / (12.714 / (12.714 + 113.147))
=0.104587 / 0.101016
=1.0354

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)
=(21.722 / 134.315) / (20.976 / 127.991)
=0.161724 / 0.163887
=0.9868

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)
=((31.007 + 31.456) / 190.485) / ((44.006 + 32.158) / 192.035)
=0.327916 / 0.396615
=0.8268

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
=(-0.975 - -1.417 - 17.617) / 190.485
=-0.090165

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.

Experience Co has a M-score of -3.16 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 -3.16 mean?
Experience Co (ASX:EXP) has a Beneish M-Score of -3.16 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Experience Co and its competitors. According to the industry distribution chart, Experience Co ranks #130 out of 823 companies in the Travel & Leisure industry, placing it in the top 15.8%.
Is Experience Co's Beneish M-Score too high?
Experience Co's current Beneish M-Score is -3.16. Based on the distribution chart, Experience Co ranks #130 out of 823 companies in the Travel & Leisure industry, which is in the top quartile — a strong position relative to peers.
How does Experience Co's Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Experience Co ranks #130 out of 823 companies for Beneish M-Score. This places Experience Co in the top 16% 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Experience Co and its competitors. Experience Co's current Beneish M-Score is -3.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Experience Co stock overvalued right now?
Based on GuruFocus' analysis, Experience Co (ASX:EXP) is currently considered Possible Value Trap. The stock's GF Value™ is A$0.16, compared to a current price of A$0.07 — trading 53.8% below its estimated fair value. The current Beneish M-Score is -3.16. 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 Experience Co (ASX:EXP), the current Beneish M-Score is -3.16 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.

Experience Co Business Description

Address 89 York Street, Level 5, Sydney, NSW, AUS, 2000
Experience Co Ltd operates as an adventure tourism company that engages in the provision of adventure tourism and leisure experiences to the public. The firm offers sky-diving, island day trips, reef tours, rainforest tours, and multi-day experiences in Australia and New Zealand. The company segment includes Skydiving, Adventure Experiences and Corporate. The company generates the majority of its revenue from the Adventure Experiences segment. Geographically the company generates the majority from Australia.