NanosonicsASX:NAN -1.83%83 Beneish M-Score is -2.85 as of Jun. 26, 2026. GuruFocus rates ASX:NAN with a GF Score™ of 83/100 and a GF Value™ of A$4.49 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 766 Medical Devices & Instruments companies, Nanosonics ranks better than 71.54% 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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nanosonics's Beneish M-Score or its related term are showing as below:
ASX:NAN'
s Beneish M-Score Range Over the Past 10 Years
Min: -3 Med: -2.44 Max: 12.28
Current: -2.85
During the past 13 years, the highest Beneish M-Score of Nanosonics was 12.28. The lowest was -3.00. And the median was -2.44.
Nanosonics Beneish M-Score Related Terms
Nanosonics Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nanosonics'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:NAN vs ISRG, BDX, MDLN: Beneish M-Score Comparison
For the Medical Instruments & Supplies subindustry, Nanosonics'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.
Nanosonics Beneish M-Score vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Nanosonics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nanosonics'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 Nanosonics 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 * 0.8314
+
0.528 * 0.9981
+
0.404 * 1.0935
+
0.892 * 1.1595
+
0.115 * 1.0815
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9663
+
4.679 * -0.08852
-
0.327 * 0.9995
=
-2.85
* 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))
=
(7.632 / (7.632 + 20.745))
/
(8.069 / (8.069 + 24.377))
=
0.26895
/
0.24869
=
1.0815
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
=
(20.676 - 0.813
-
43.983)
/
272.482
=
-0.08852
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.
Nanosonics has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
Nanosonics (ASX:NAN) has a Beneish M-Score of -2.85 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nanosonics and its competitors. According to the industry distribution chart, Nanosonics ranks #218 out of 766 companies in the Medical Devices & Instruments industry, placing it in the top 28.5%.
Is Nanosonics' Beneish M-Score too high?
Nanosonics' current Beneish M-Score is -2.85. Based on the distribution chart, Nanosonics ranks #218 out of 766 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, Nanosonics has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nanosonics' Beneish M-Score compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Nanosonics ranks #218 out of 766 companies for Beneish M-Score. This puts Nanosonics 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 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 Nanosonics and its competitors. Nanosonics's current Beneish M-Score is -2.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nanosonics stock overvalued right now?
Based on GuruFocus' analysis, Nanosonics (ASX:NAN) is currently considered Modestly Undervalued. The stock's GF Value™ is A$4.49, compared to a current price of A$3.22 — trading 28.3% below its estimated fair value. The current Beneish M-Score is -2.85. Nanosonics' overall GF Score™ is 83/100 with 1 warning sign 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 Nanosonics (ASX:NAN), the current Beneish M-Score is -2.85 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 Nanosonics (ASX:NAN) Overvalued in 2026?
Based on GuruFocus' analysis, Nanosonics stock appears to be undervalued.
The current stock price of A$3.22 is trading 28.3% below its estimated GF Value™ of A$4.49.
GuruFocus considers Nanosonics to be Modestly Undervalued.
Key valuation signals for ASX:NAN:
Beneish M-Score: -2.85
GF Value™: A$4.49 vs. price of A$3.22 (28.3% below fair value)
No single metric tells the full story. See the ASX:NAN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nanosonics is largely a single-product firm, and its Trophon device provides high-level disinfection of ultrasound probes used in semicritical procedures. The patented technology uses low-temperature sonically activated hydrogen peroxide mist suitable for probes sensitive to damage. Automated HLD is increasingly being used as the standard of care globally as it is superior in preventing cross-infection of patients. Nanosonics' revenue consists of capital sales of Trophon units, ongoing consumables sales, and service revenue. By December 2025, there were 38,000 Trophon units installed globally. Market penetration rates range from over 75% in Australia and New Zealand, over 50% in the US to single-digit penetration in Europe, Middle East, and Africa, and elsewhere in the Asia-Pacific region.
83GF Score
Get the complete analysis for ASX:NAN
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ASX:NAN has been successfully added to your 
