KMD Brands (ASX:KMD) Beneish M-Score: -3.12 (As of Jun. 24, 2026)


What is KMD Brands Beneish M-Score?

KMD Brands ASX:KMD -4.62% Beneish M-Score is -3.12 as of Jun. 24, 2026. The stock has 2 warning signs investors should review. Among 1,003 Manufacturing - Apparel & Accessories companies, KMD Brands ranks better than 85.94% 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 -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:KMD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18   Med: -2.48   Max: -0.9
Current: -3.12

During the past 13 years, the highest Beneish M-Score of KMD Brands was -0.90. The lowest was -3.18. And the median was -2.48.

KMD Brands Beneish M-Score Historical Data

* Premium members only.

The historical data trend for KMD Brands'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.

KMD Brands Beneish M-Score Chart

KMD Brands Annual Data
Trend Jul16 Jul17 Jul18 Jul19 Jul20 Jul21 Jul22 Jul23 Jul24 Jul25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.94 -2.38 -2.93 -3.18 -3.12

KMD Brands Semi-Annual Data
Jul16 Jan17 Jul17 Jan18 Jul18 Jan19 Jul19 Jan20 Jul20 Jan21 Jul21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
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 -3.18 0.00 -3.12 0.00

ASX:KMD vs RL, LEVI, VFC: Beneish M-Score Comparison

For the Apparel Manufacturing subindustry, KMD Brands'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.

KMD Brands Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, KMD Brands's Beneish M-Score distribution charts can be found below:

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


KMD Brands 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 KMD Brands 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 * 1.0505+0.528 * 1.043+0.404 * 1.0036+0.892 * 1.022+0.115 * 0.9215
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.072+4.679 * -0.141458-0.327 * 1.1034
=-3.11

* 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 (Jul25) TTM:Last Year (Jul24) TTM:
Total Receivables was A$68.6 Mil.
Revenue was A$897.3 Mil.
Gross Profit was A$503.3 Mil.
Total Current Assets was A$355.4 Mil.
Total Assets was A$1,238.2 Mil.
Property, Plant and Equipment(Net PPE) was A$291.8 Mil.
Depreciation, Depletion and Amortization(DDA) was A$120.2 Mil.
Selling, General, & Admin. Expense(SGA) was A$427.7 Mil.
Total Current Liabilities was A$256.4 Mil.
Long-Term Debt & Capital Lease Obligation was A$262.8 Mil.
Net Income was A$-87.1 Mil.
Gross Profit was A$-27.6 Mil.
Cash Flow from Operations was A$115.7 Mil.
 Total Receivables was A$63.9 Mil.
Revenue was A$877.9 Mil.
Gross Profit was A$513.6 Mil.
Total Current Assets was A$366.0 Mil.
Total Assets was A$1,299.7 Mil.
Property, Plant and Equipment(Net PPE) was A$315.6 Mil.
Depreciation, Depletion and Amortization(DDA) was A$116.0 Mil.
Selling, General, & Admin. Expense(SGA) was A$390.3 Mil.
Total Current Liabilities was A$220.0 Mil.
Long-Term Debt & Capital Lease Obligation was A$273.9 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)
=(68.623 / 897.287) / (63.914 / 877.932)
=0.076478 / 0.072801
=1.0505

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)
=(513.621 / 877.932) / (503.323 / 897.287)
=0.585035 / 0.560939
=1.043

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 - (355.4 + 291.772) / 1238.165) / (1 - (365.999 + 315.56) / 1299.736)
=0.477314 / 0.475617
=1.0036

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
=897.287 / 877.932
=1.022

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))
=(115.999 / (115.999 + 315.56)) / (120.16 / (120.16 + 291.772))
=0.268791 / 0.291699
=0.9215

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)
=(427.667 / 897.287) / (390.324 / 877.932)
=0.476622 / 0.444595
=1.072

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)
=((262.839 + 256.351) / 1238.165) / ((273.943 + 219.983) / 1299.736)
=0.419322 / 0.38002
=1.1034

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
=(-87.141 - -27.648 - 115.655) / 1238.165
=-0.141458

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.

KMD Brands has a M-score of -3.11 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 -3.12 mean?
KMD Brands (ASX:KMD) has a Beneish M-Score of -3.12 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on KMD Brands and its competitors. According to the industry distribution chart, KMD Brands ranks #141 out of 1003 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 14.1%.
Is KMD Brands' Beneish M-Score too high?
KMD Brands' current Beneish M-Score is -3.12. Based on the distribution chart, KMD Brands ranks #141 out of 1003 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers.
How does KMD Brands' Beneish M-Score compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, KMD Brands ranks #141 out of 1003 companies for Beneish M-Score. This places KMD Brands in the top 14% 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 KMD Brands and its competitors. KMD Brands's current Beneish M-Score is -3.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is KMD Brands stock overvalued right now?
Based on GuruFocus' analysis, KMD Brands (ASX:KMD) is currently considered Possible Value Trap. The stock's GF Value™ is A$0.23, compared to a current price of A$0.06 — trading 73% below its estimated fair value. The current Beneish M-Score is -3.12. 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 KMD Brands (ASX:KMD), the current Beneish M-Score is -3.12 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.

KMD Brands Business Description

Address 223 Tuam Street, Christchurch Central, Christchurch, NZL, 8011
KMD Brands Ltd is a designer, marketer, retailer, and wholesaler of apparel, footwear, and equipment for surfing and the outdoors. The company operates through three brands including Kathmandu, which is a designer, retailer, and wholesaler of apparel footwear, and equipment for outdoor travel and adventure; Rip Curl, which is a designer, manufacturer, wholesaler and retailer of surfing equipment and apparel; and Oboz, which is a designer, wholesaler and online retailer of outdoor footwear. The company generates the majority of its revenue from the Kathmandu segment.