Fisher & Paykel Healthcare (ASX:FPH) Beneish M-Score: -2.58 (As of Jun. 26, 2026)

What is Fisher & Paykel Healthcare Beneish M-Score?

Fisher & Paykel Healthcare ASX:FPH +0.13% 86 Beneish M-Score is -2.58 as of Jun. 26, 2026. GuruFocus rates ASX:FPH with a GF Score™ of 86/100 and a GF Value™ of A$36.31 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 766 Medical Devices & Instruments companies, Fisher & Paykel Healthcare ranks worse than 50.65% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Fisher & Paykel Healthcare's Beneish M-Score or its related term are showing as below:

ASX:FPH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.68 Med: -2.6 Max: -2.17
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Fisher & Paykel Healthcare was -2.17. The lowest was -3.68. And the median was -2.60.

Fisher & Paykel Healthcare Beneish M-Score Related Terms

Fisher & Paykel Healthcare Beneish M-Score Historical Data

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The historical data trend for Fisher & Paykel Healthcare'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.

Fisher & Paykel Healthcare Beneish M-Score Chart

Fisher & Paykel Healthcare Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.62

-2.17

-2.82

-3.68

-2.58

Fisher & Paykel Healthcare Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.82	0.00	-3.68	0.00	-2.58

ASX:FPH vs ISRG, BDX, MDLN: Beneish M-Score Comparison

For the Medical Instruments & Supplies subindustry, Fisher & Paykel Healthcare'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.

Fisher & Paykel Healthcare Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Fisher & Paykel Healthcare's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fisher & Paykel Healthcare's Beneish M-Score falls into.

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86GF Score

Fisher & Paykel Healthcare Corp Ltd ASX:FPH

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

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Fisher & Paykel Healthcare 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 Fisher & Paykel Healthcare 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 * 0.5998

0.528 * 0.6503

0.404 * 0.9497

0.892 * 1.653

0.115 * 0.9342

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6208

4.679 * -0.067249

0.327 * 0.9629

-2.72

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was A$275 Mil.
Revenue was A$1,924 Mil.
Gross Profit was A$1,225 Mil.
Total Current Assets was A$960 Mil.
Total Assets was A$2,378 Mil.
Property, Plant and Equipment(Net PPE) was A$1,173 Mil.
Depreciation, Depletion and Amortization(DDA) was A$132 Mil.
Selling, General, & Admin. Expense(SGA) was A$499 Mil.
Total Current Liabilities was A$415 Mil.
Long-Term Debt & Capital Lease Obligation was A$94 Mil.
Net Income was A$390 Mil.
Gross Profit was A$-2 Mil.
Cash Flow from Operations was A$553 Mil.

Total Receivables was A$277 Mil.
Revenue was A$1,164 Mil.
Gross Profit was A$482 Mil.
Total Current Assets was A$850 Mil.
Total Assets was A$2,319 Mil.
Property, Plant and Equipment(Net PPE) was A$1,217 Mil.
Depreciation, Depletion and Amortization(DDA) was A$127 Mil.
Selling, General, & Admin. Expense(SGA) was A$486 Mil.
Total Current Liabilities was A$455 Mil.
Long-Term Debt & Capital Lease Obligation was A$61 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)
	=	(274.5 / 1923.667)	/	(276.862 / 1163.709)
	=	0.142696	/	0.237913
	=	0.5998

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)
	=	(481.917 / 1163.709)	/	(1225.083 / 1923.667)
	=	0.414122	/	0.636848
	=	0.6503

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 - (960.167 + 1172.667) / 2378)	/	(1 - (850.218 + 1216.609) / 2318.511)
	=	0.103098	/	0.108554
	=	0.9497

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
	=	1923.667	/	1163.709
	=	1.653

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))
	=	(127.16 / (127.16 + 1216.609))	/	(132.167 / (132.167 + 1172.667))
	=	0.094629	/	0.10129
	=	0.9342

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)
	=	(498.5 / 1923.667)	/	(485.735 / 1163.709)
	=	0.25914	/	0.417402
	=	0.6208

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)
	=	((94.417 + 414.833) / 2378)	/	((60.808 + 454.831) / 2318.511)
	=	0.214151	/	0.222401
	=	0.9629

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
	=	(390.417 - -2.333	-	552.667)	/	2378
	=	-0.067249

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.

Fisher & Paykel Healthcare has a M-score of -2.72 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 -2.58 mean?

Fisher & Paykel Healthcare (ASX:FPH) has a Beneish M-Score of -2.58 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fisher & Paykel Healthcare and its competitors. According to the industry distribution chart, Fisher & Paykel Healthcare ranks #388 out of 766 companies in the Medical Devices & Instruments industry, placing it in the top 50.7%.

Is Fisher & Paykel Healthcare's Beneish M-Score too high?

Fisher & Paykel Healthcare's current Beneish M-Score is -2.58. Based on the distribution chart, Fisher & Paykel Healthcare ranks #388 out of 766 companies in the Medical Devices & Instruments industry, which is below the industry midpoint. Overall, Fisher & Paykel Healthcare has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Fisher & Paykel Healthcare's Beneish M-Score compare to ISRG and BDX?

According to the Medical Devices & Instruments industry distribution chart, Fisher & Paykel Healthcare ranks #388 out of 766 companies for Beneish M-Score. This places Fisher & Paykel Healthcare 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 Medical Devices & Instruments company?

A good Beneish M-Score depends on the Medical Devices & Instruments 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 Fisher & Paykel Healthcare and its competitors. Fisher & Paykel Healthcare's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Fisher & Paykel Healthcare stock overvalued right now?

Based on GuruFocus' analysis, Fisher & Paykel Healthcare (ASX:FPH) is currently considered Modestly Undervalued. The stock's GF Value™ is A$36.31, compared to a current price of A$31.57 — trading 13.1% below its estimated fair value. The current Beneish M-Score is -2.58. Fisher & Paykel Healthcare's overall GF Score™ is 86/100 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 Fisher & Paykel Healthcare (ASX:FPH), the current Beneish M-Score is -2.58 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 Fisher & Paykel Healthcare (ASX:FPH) Overvalued in 2026?

Based on GuruFocus' analysis, Fisher & Paykel Healthcare stock appears to be undervalued. The current stock price of A$31.57 is trading 13.1% below its estimated GF Value™ of A$36.31. GuruFocus considers Fisher & Paykel Healthcare to be Modestly Undervalued.

Key valuation signals for ASX:FPH:

Beneish M-Score: -2.58
GF Value™: A$36.31 vs. price of A$31.57 (13.1% below fair value)
GF Score™: 86/100 with 3 warning signs

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

Fisher & Paykel Healthcare Business Description

Industry Healthcare Medical Devices & Instruments

Comparable Companies NZSE:TRU ISRG XPAR:EL TSE:7741 BDX XSWX:ALC MDLN RMD WST TSE:4543 XPAR:DIM XSWX:STMN XTER:SRT OCSE:COLO B SOLV ALGN COO BAX NSE:LENSKART ATR

Other Exchanges FSPKF:USA FPH:New Zealand

Address 15 Maurice Paykel Place, East Tamaki, Auckland, NTL, NZL, 2013

Website https://www.fphcare.com

Fisher & Paykel Healthcare is one of the three largest respiratory care device companies globally. It is the market leader in hospital use of humidifiers, masks, and related consumables, and the number three player in the at-home treatment of sleep apnea using respiratory devices. Both the hospital and homecare markets for respiratory devices are growing strongly in the developed markets in which Fisher & Paykel has a presence. The company earns roughly half of its revenue in North America, around a quarter in Europe, and approximately a fifth in Asia-Pacific. Fisher conducts its own R&D and has thousands of patents and pending applications. It manufactures in New Zealand, Mexico, and China, and has a multichannel distribution model.

86GF Score

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

A$31.57

Price

A$36.31

GF Value

View ASX:FPH Analysis

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