NextEd Group (ASX:NXD) Beneish M-Score: -2.84 (As of Jun. 26, 2026)


What is NextEd Group Beneish M-Score?

NextEd Group ASX:NXD -3.53% Beneish M-Score is -2.84 as of Jun. 26, 2026. The stock has 3 warning signs investors should review. Among 243 Education companies, NextEd Group ranks better than 67.9% 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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:NXD' s Beneish M-Score Range Over the Past 10 Years
Min: -6.31   Med: -1.96   Max: 1
Current: -2.84

During the past 13 years, the highest Beneish M-Score of NextEd Group was 1.00. The lowest was -6.31. And the median was -1.96.

NextEd Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for NextEd 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.

NextEd Group Beneish M-Score Chart

NextEd Group 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 -1.94 0.44 -2.49 -1.97 -2.84

NextEd 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 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 -1.97 0.00 -2.84 0.00

ASX:NXD vs EDU, TAL, GHC: Beneish M-Score Comparison

For the Education & Training Services subindustry, NextEd 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.

NextEd Group Beneish M-Score vs Education Industry

For the Education industry and Consumer Defensive sector, NextEd Group's Beneish M-Score distribution charts can be found below:

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


NextEd 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 NextEd Group 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 * 1.5402+0.528 * 0.9654+0.404 * 1.1323+0.892 * 0.8609+0.115 * 0.7473
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0386+4.679 * -0.147218-0.327 * 1.1266
=-2.84

* 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$19.85 Mil.
Revenue was A$95.87 Mil.
Gross Profit was A$51.08 Mil.
Total Current Assets was A$45.31 Mil.
Total Assets was A$117.84 Mil.
Property, Plant and Equipment(Net PPE) was A$38.77 Mil.
Depreciation, Depletion and Amortization(DDA) was A$14.45 Mil.
Selling, General, & Admin. Expense(SGA) was A$27.00 Mil.
Total Current Liabilities was A$57.89 Mil.
Long-Term Debt & Capital Lease Obligation was A$32.17 Mil.
Net Income was A$-14.57 Mil.
Gross Profit was A$-8.48 Mil.
Cash Flow from Operations was A$11.25 Mil.
 Total Receivables was A$14.97 Mil.
Revenue was A$111.37 Mil.
Gross Profit was A$57.28 Mil.
Total Current Assets was A$41.17 Mil.
Total Assets was A$134.28 Mil.
Property, Plant and Equipment(Net PPE) was A$59.14 Mil.
Depreciation, Depletion and Amortization(DDA) was A$15.05 Mil.
Selling, General, & Admin. Expense(SGA) was A$30.20 Mil.
Total Current Liabilities was A$50.70 Mil.
Long-Term Debt & Capital Lease Obligation was A$40.40 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)
=(19.852 / 95.873) / (14.972 / 111.367)
=0.207066 / 0.134438
=1.5402

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)
=(57.279 / 111.367) / (51.075 / 95.873)
=0.514327 / 0.532736
=0.9654

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 - (45.306 + 38.769) / 117.839) / (1 - (41.167 + 59.138) / 134.284)
=0.286527 / 0.253038
=1.1323

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
=95.873 / 111.367
=0.8609

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))
=(15.052 / (15.052 + 59.138)) / (14.448 / (14.448 + 38.769))
=0.202884 / 0.271492
=0.7473

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)
=(27.001 / 95.873) / (30.198 / 111.367)
=0.281633 / 0.271158
=1.0386

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)
=((32.17 + 57.887) / 117.839) / ((40.399 + 50.695) / 134.284)
=0.764238 / 0.678368
=1.1266

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
=(-14.572 - -8.476 - 11.252) / 117.839
=-0.147218

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.

NextEd Group has a M-score of -2.84 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 -2.84 mean?
NextEd Group (ASX:NXD) has a Beneish M-Score of -2.84 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NextEd Group and its competitors. According to the industry distribution chart, NextEd Group ranks #78 out of 243 companies in the Education industry, placing it in the top 32.1%.
Is NextEd Group's Beneish M-Score too high?
NextEd Group's current Beneish M-Score is -2.84. Based on the distribution chart, NextEd Group ranks #78 out of 243 companies in the Education industry, which is above the industry midpoint.
How does NextEd Group's Beneish M-Score compare to EDU and TAL?
According to the Education industry distribution chart, NextEd Group ranks #78 out of 243 companies for Beneish M-Score. This puts NextEd 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 an Education company?
A good Beneish M-Score depends on the Education 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 NextEd Group and its competitors. NextEd Group's current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NextEd Group stock overvalued right now?
Based on GuruFocus' analysis, NextEd Group (ASX:NXD) is currently considered Possible Value Trap. The stock's GF Value™ is A$0.23, compared to a current price of A$0.08 — trading 64.3% below its estimated fair value. The current Beneish M-Score is -2.84. 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 NextEd Group (ASX:NXD), the current Beneish M-Score is -2.84 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.

NextEd Group Business Description

Address 7 Kelly Street, Level 2, Ultimo, Sydney, NSW, AUS, 2007
NextEd Group Ltd is engaged in the provision of vocational education and training solutions. It is a listed private education provider, delivering learning experiences through a national campus network across Adelaide, Brisbane, Gold Coast, Melbourne, Perth, and Sydney. NextEd offers courses across the English Language, Vocational, and Higher Education sectors, spanning industries including business, technology, design, hospitality, health, and community services. In addition, it provides education recruitment agency services to international students. The group's operating segments are: International, which generates maximum revenue, Technology and Design, Domestic Vocational, and Go Study. Geographically, it generates maximum revenue from Australia, followed by Europe and South America.