Nine Entertainment Co. Holdings (ASX:NEC) Beneish M-Score: -2.82 (As of Jun. 24, 2026)


ASX:NEC Nine Entertainment Co. Holdings Ltd ASX:NEC
66 GF Score
Price A$0.90
GF Value A$1.34
Valuation Possible Value Trap
! 6 Warning Signs
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What is Nine Entertainment Co. Holdings Beneish M-Score?

Nine Entertainment Co. Holdings ASX:NEC -1.64% 66 Beneish M-Score is -2.82 as of Jun. 24, 2026. GuruFocus rates ASX:NEC with a GF Score™ of 66/100 and a GF Value™ of A$1.34 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 989 Media - Diversified companies, Nine Entertainment Co. Holdings ranks better than 67.14% 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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Nine Entertainment Co. Holdings's Beneish M-Score or its related term are showing as below:

ASX:NEC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: -2.67   Max: -2.26
Current: -2.82

During the past 12 years, the highest Beneish M-Score of Nine Entertainment Co. Holdings was -2.26. The lowest was -3.28. And the median was -2.67.

Nine Entertainment Co. Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nine Entertainment Co. Holdings'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.

Nine Entertainment Co. Holdings Beneish M-Score Chart

Nine Entertainment Co. Holdings Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.67 -2.66 -2.61 -2.78 -2.82

Nine Entertainment Co. Holdings 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 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 -2.78 0.00 -2.82 0.00

ASX:NEC vs NFLX, DIS, WBD: Beneish M-Score Comparison

For the Entertainment subindustry, Nine Entertainment Co. Holdings'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.

Nine Entertainment Co. Holdings Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Nine Entertainment Co. Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nine Entertainment Co. Holdings's Beneish M-Score falls into.


ASX:NEC
66GF Score
Nine Entertainment Co. Holdings Ltd ASX:NEC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nine Entertainment Co. Holdings 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 Nine Entertainment Co. Holdings 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 * 0.9849+0.528 * 1.001+0.404 * 1.0017+0.892 * 1.0218+0.115 * 0.9421
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.071654-0.327 * 1.0232
=-2.82

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was A$384 Mil.
Revenue was A$2,676 Mil.
Gross Profit was A$1,045 Mil.
Total Current Assets was A$917 Mil.
Total Assets was A$3,965 Mil.
Property, Plant and Equipment(Net PPE) was A$380 Mil.
Depreciation, Depletion and Amortization(DDA) was A$158 Mil.
Selling, General, & Admin. Expense(SGA) was A$0 Mil.
Total Current Liabilities was A$932 Mil.
Long-Term Debt & Capital Lease Obligation was A$914 Mil.
Net Income was A$104 Mil.
Gross Profit was A$8 Mil.
Cash Flow from Operations was A$380 Mil.
 Total Receivables was A$381 Mil.
Revenue was A$2,619 Mil.
Gross Profit was A$1,024 Mil.
Total Current Assets was A$906 Mil.
Total Assets was A$4,004 Mil.
Property, Plant and Equipment(Net PPE) was A$409 Mil.
Depreciation, Depletion and Amortization(DDA) was A$156 Mil.
Selling, General, & Admin. Expense(SGA) was A$0 Mil.
Total Current Liabilities was A$882 Mil.
Long-Term Debt & Capital Lease Obligation was A$940 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)
=(383.681 / 2676.473) / (381.271 / 2619.429)
=0.143353 / 0.145555
=0.9849

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)
=(1024.116 / 2619.429) / (1045.381 / 2676.473)
=0.390969 / 0.390582
=1.001

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 - (916.53 + 380.413) / 3965.091) / (1 - (905.532 + 408.676) / 4004.083)
=0.67291 / 0.671783
=1.0017

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
=2676.473 / 2619.429
=1.0218

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))
=(156.214 / (156.214 + 408.676)) / (158.071 / (158.071 + 380.413))
=0.276539 / 0.293548
=0.9421

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)
=(0 / 2676.473) / (0 / 2619.429)
=0 / 0
=1

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)
=((913.959 + 931.597) / 3965.091) / ((939.963 + 881.548) / 4004.083)
=0.465451 / 0.454913
=1.0232

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
=(103.889 - 8.401 - 379.601) / 3965.091
=-0.071654

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.

Nine Entertainment Co. Holdings has a M-score of -2.82 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 -2.82 mean?
Nine Entertainment Co. Holdings (ASX:NEC) has a Beneish M-Score of -2.82 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nine Entertainment Co. Holdings and its competitors. According to the industry distribution chart, Nine Entertainment Co. Holdings ranks #325 out of 989 companies in the Media - Diversified industry, placing it in the top 32.9%.
Is Nine Entertainment Co. Holdings' Beneish M-Score too high?
Nine Entertainment Co. Holdings' current Beneish M-Score is -2.82. Based on the distribution chart, Nine Entertainment Co. Holdings ranks #325 out of 989 companies in the Media - Diversified industry, which is above the industry midpoint. Overall, Nine Entertainment Co. Holdings has a GF Score™ of 66/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Nine Entertainment Co. Holdings' Beneish M-Score compare to NFLX and DIS?
According to the Media - Diversified industry distribution chart, Nine Entertainment Co. Holdings ranks #325 out of 989 companies for Beneish M-Score. This puts Nine Entertainment Co. Holdings 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 Nine Entertainment Co. Holdings and its competitors. Nine Entertainment Co. Holdings's current Beneish M-Score is -2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nine Entertainment Co. Holdings stock overvalued right now?
Based on GuruFocus' analysis, Nine Entertainment Co. Holdings (ASX:NEC) is currently considered Possible Value Trap. The stock's GF Value™ is A$1.34, compared to a current price of A$0.90 — trading 32.8% below its estimated fair value. The current Beneish M-Score is -2.82. Nine Entertainment Co. Holdings' overall GF Score™ is 66/100 with 6 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 Nine Entertainment Co. Holdings (ASX:NEC), the current Beneish M-Score is -2.82 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 Nine Entertainment Co. Holdings (ASX:NEC) Overvalued in 2026?

Based on GuruFocus' analysis, Nine Entertainment Co. Holdings stock appears to be undervalued. The current stock price of A$0.90 is trading 32.8% below its estimated GF Value™ of A$1.34. GuruFocus considers Nine Entertainment Co. Holdings to be Possible Value Trap.

Key valuation signals for ASX:NEC:

  • Beneish M-Score: -2.82
  • GF Value™: A$1.34 vs. price of A$0.90 (32.8% below fair value)
  • GF Score™: 66/100 with 6 warning signs

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

Nine Entertainment Co. Holdings Business Description

Other Exchanges NNMTF:USA
Address 1 Denison Street, Level 9, North Sydney, Sydney, NSW, AUS, 2060
Nine Entertainment is the largest media conglomerate in Australia. It operates Nine Network, a free-to-air TV network across five capital cities, as well as in a number of regional areas. It owns 9Now, a leading broadcast video on demand, or BVOD, business. Its publishing unit is the second-largest newspaper group in Australia with key mastheads such as Australian Financial Review, Sydney Morning Herald, and The Age. Nine also operates a leading domestic-owned subscription video on demand, or SVOD, business in Australia called Stan, and a talk-based radio network. In March 2026, Nine completed the purchase of outdoor advertising entity QMS Media for AUD 850 million.
66GF Score

Get the complete analysis for ASX:NEC

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

A$0.90
Price
A$1.34
GF Value