Kogan.comASX:KGN -2.30%74 Beneish M-Score is -3.29 as of Jun. 26, 2026. GuruFocus rates ASX:KGN with a GF Score™ of 74/100 and a GF Value™ of A$5.04 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Kogan.com ranks better than 88.22% 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 -3.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Kogan.com's Beneish M-Score or its related term are showing as below:
ASX:KGN'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.82 Med: -2.98 Max: 0.11
Current: -3.29
During the past 9 years, the highest Beneish M-Score of Kogan.com was 0.11. The lowest was -3.82. And the median was -2.98.
Kogan.com Beneish M-Score Related Terms
Kogan.com Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Kogan.com'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.
ASX:KGN vs AMZN, BABA, PDD: Beneish M-Score Comparison
For the Internet Retail subindustry, Kogan.com'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.
Kogan.com Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Kogan.com's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kogan.com's Beneish M-Score falls into.
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 Kogan.com 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 * 1.2508
+
0.528 * 0.9417
+
0.404 * 0.5781
+
0.892 * 1.0618
+
0.115 * 0.7997
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1105
+
4.679 * -0.155831
-
0.327 * 1.3876
=
-3.29
* 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.
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.
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))
=
(15.054 / (15.054 + 24.693))
/
(16.047 / (16.047 + 17.834))
=
0.378746
/
0.473628
=
0.7997
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
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
=
(-39.465 - -47.127
-
37.293)
/
190.148
=
-0.155831
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.
Kogan.com has a M-score of -3.29 suggests that the company is unlikely to be a manipulator.
Kogan.com (ASX:KGN) has a Beneish M-Score of -3.29 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kogan.com and its competitors. According to the industry distribution chart, Kogan.com ranks #128 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 11.8%.
Is Kogan.com's Beneish M-Score too high?
Kogan.com's current Beneish M-Score is -3.29. Based on the distribution chart, Kogan.com ranks #128 out of 1087 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Kogan.com has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kogan.com's Beneish M-Score compare to AMZN and BABA?
According to the Retail - Cyclical industry distribution chart, Kogan.com ranks #128 out of 1087 companies for Beneish M-Score. This places Kogan.com 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Kogan.com and its competitors. Kogan.com's current Beneish M-Score is -3.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kogan.com stock overvalued right now?
Based on GuruFocus' analysis, Kogan.com (ASX:KGN) is currently considered Modestly Undervalued. The stock's GF Value™ is A$5.04, compared to a current price of A$4.25 — trading 15.7% below its estimated fair value. The current Beneish M-Score is -3.29. Kogan.com's overall GF Score™ is 74/100 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 Kogan.com (ASX:KGN), the current Beneish M-Score is -3.29 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 Kogan.com (ASX:KGN) Overvalued in 2026?
Based on GuruFocus' analysis, Kogan.com stock appears to be undervalued.
The current stock price of A$4.25 is trading 15.7% below its estimated GF Value™ of A$5.04.
GuruFocus considers Kogan.com to be Modestly Undervalued.
Key valuation signals for ASX:KGN:
Beneish M-Score: -3.29
GF Value™: A$5.04 vs. price of A$4.25 (15.7% below fair value)
No single metric tells the full story. See the ASX:KGN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kogan.com is an Australian pure-play online retailer. It caters to value-driven consumers through its exclusive brands, spanning multiple categories including consumer electronics, furniture, and fitness. For brand-conscious consumers, Kogan also offers a wide range of products from well-known third-party brands such as Apple, Samsung, and Google. Additionally, Kogan competes in the online marketplace industry, providing a platform and customer base for approved sellers in exchange for a commission. Finally, the firm sells multiple white-labeled products and services including prepaid mobile phone plans, insurance, and travel packages.
74GF Score
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