Macquarie Technology Group (ASX:MAQ) Beneish M-Score: -2.95 (As of Jun. 24, 2026)

What is Macquarie Technology Group Beneish M-Score?

Macquarie Technology Group ASX:MAQ +2.13% 94 Beneish M-Score is -2.95 as of Jun. 24, 2026. GuruFocus rates ASX:MAQ with a GF Score™ of 94/100 and a GF Value™ of A$67.84 (Fairly Valued). The stock has 8 warning signs investors should review. Among 2,633 Software companies, Macquarie Technology Group ranks better than 74.48% 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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:MAQ' s Beneish M-Score Range Over the Past 10 Years
Min: -4.06 Med: -3.12 Max: -2.05
Current: -2.95

During the past 13 years, the highest Beneish M-Score of Macquarie Technology Group was -2.05. The lowest was -4.06. And the median was -3.12.

Macquarie Technology Group Beneish M-Score Related Terms

Macquarie Technology Group Beneish M-Score Historical Data

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The historical data trend for Macquarie Technology Group'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.

Macquarie Technology Group Beneish M-Score Chart

Macquarie Technology Group Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.05

-4.06

-3.09

-3.14

-2.95

Macquarie Technology Group 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															0.00	-3.14	0.00	-2.95	0.00

ASX:MAQ vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Macquarie Technology Group'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.

Macquarie Technology Group Beneish M-Score vs Software Industry

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

* The bar in red indicates where Macquarie Technology Group's Beneish M-Score falls into.

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94GF Score

Macquarie Technology Group Ltd ASX:MAQ

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

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Macquarie Technology Group 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 Macquarie Technology Group 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 * 0.8731

0.528 * 1

0.404 * 0.9886

0.892 * 1.0175

0.115 * 1.2071

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.481

4.679 * -0.102864

0.327 * 0.9982

-2.95

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was A$11.5 Mil.
Revenue was A$369.6 Mil.
Gross Profit was A$369.6 Mil.
Total Current Assets was A$113.6 Mil.
Total Assets was A$729.8 Mil.
Property, Plant and Equipment(Net PPE) was A$584.0 Mil.
Depreciation, Depletion and Amortization(DDA) was A$56.2 Mil.
Selling, General, & Admin. Expense(SGA) was A$103.1 Mil.
Total Current Liabilities was A$99.5 Mil.
Long-Term Debt & Capital Lease Obligation was A$124.3 Mil.
Net Income was A$34.9 Mil.
Gross Profit was A$0.0 Mil.
Cash Flow from Operations was A$109.9 Mil.

Total Receivables was A$12.9 Mil.
Revenue was A$363.3 Mil.
Gross Profit was A$363.3 Mil.
Total Current Assets was A$169.9 Mil.
Total Assets was A$689.9 Mil.
Property, Plant and Equipment(Net PPE) was A$489.2 Mil.
Depreciation, Depletion and Amortization(DDA) was A$58.0 Mil.
Selling, General, & Admin. Expense(SGA) was A$210.6 Mil.
Total Current Liabilities was A$85.1 Mil.
Long-Term Debt & Capital Lease Obligation was A$126.9 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)
	=	(11.501 / 369.649)	/	(12.946 / 363.294)
	=	0.031113	/	0.035635
	=	0.8731

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)
	=	(363.294 / 363.294)	/	(369.649 / 369.649)
	=	1	/	1
	=	1

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 - (113.61 + 584.048) / 729.788)	/	(1 - (169.947 + 489.217) / 689.886)
	=	0.044026	/	0.044532
	=	0.9886

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
	=	369.649	/	363.294
	=	1.0175

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))
	=	(58.014 / (58.014 + 489.217))	/	(56.233 / (56.233 + 584.048))
	=	0.106014	/	0.087826
	=	1.2071

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)
	=	(103.071 / 369.649)	/	(210.608 / 363.294)
	=	0.278835	/	0.579718
	=	0.481

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)
	=	((124.338 + 99.502) / 729.788)	/	((126.905 + 85.069) / 689.886)
	=	0.306719	/	0.307259
	=	0.9982

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
	=	(34.855 - 0	-	109.924)	/	729.788
	=	-0.102864

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.

Macquarie Technology Group has a M-score of -2.95 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 -2.95 mean?

Macquarie Technology Group (ASX:MAQ) has a Beneish M-Score of -2.95 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Macquarie Technology Group and its competitors. According to the industry distribution chart, Macquarie Technology Group ranks #672 out of 2633 companies in the Software industry, placing it in the top 25.5%.

Is Macquarie Technology Group's Beneish M-Score too high?

Macquarie Technology Group's current Beneish M-Score is -2.95. Based on the distribution chart, Macquarie Technology Group ranks #672 out of 2633 companies in the Software industry, which is above the industry midpoint. Overall, Macquarie Technology Group has a GF Score™ of 94/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Macquarie Technology Group's Beneish M-Score compare to IBM and ACN?

According to the Software industry distribution chart, Macquarie Technology Group ranks #672 out of 2633 companies for Beneish M-Score. This puts Macquarie Technology Group in the upper 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 Macquarie Technology Group and its competitors. Macquarie Technology Group's current Beneish M-Score is -2.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Macquarie Technology Group stock overvalued right now?

Based on GuruFocus' analysis, Macquarie Technology Group (ASX:MAQ) is currently considered Fairly Valued. The stock's GF Value™ is A$67.84, compared to a current price of A$74.27 — trading 9.5% above its estimated fair value. The current Beneish M-Score is -2.95. Macquarie Technology Group's overall GF Score™ is 94/100 with 8 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 Macquarie Technology Group (ASX:MAQ), the current Beneish M-Score is -2.95 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 Macquarie Technology Group (ASX:MAQ) Overvalued in 2026?

Based on GuruFocus' analysis, Macquarie Technology Group stock appears to be overvalued. The current stock price of A$74.27 is trading 9.5% above its estimated GF Value™ of A$67.84. GuruFocus considers Macquarie Technology Group to be Fairly Valued.

Key valuation signals for ASX:MAQ:

Beneish M-Score: -2.95
GF Value™: A$67.84 vs. price of A$74.27 (9.5% above fair value)
GF Score™: 94/100 with 8 warning signs

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

Macquarie Technology Group Business Description

Industry Technology Software

Comparable Companies ASX:DTL ASX:DUG ASX:APX ASX:ATA ASX:AI1 ASX:CCR ASX:ITS ASX:KYP ASX:CCA ASX:CCG IBM ACN NSE:TCS NSE:INFY TSE:6702 TSE:6701 NSE:HCLTECH FISV XMAD:AMS CTSH

Address 2 Market Street, Level 15, Sydney, NSW, AUS, 2000

Website https://macquarietechnologygroup.com

Macquarie Technology Group operates three business segments. The telecom division is how the group first began in 1992, providing voice, mobile, and general connectivity and network security services to businesses utilizing its data network. The cloud services and government division leverages the group's data center facilities to provide cybersecurity, colocation services, public and private cloud, and storage services to corporate and government customers. In 2018, the data centers division was separately launched, providing sovereign data centers for governments, major hyperscalers, and large multinationals.

94GF Score

Get the complete analysis for ASX:MAQ

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

A$74.27

Price

A$67.84

GF Value

View ASX:MAQ Analysis

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