Oceania Healthcare (ASX:OCA) Beneish M-Score: -2.60 (As of Jun. 24, 2026)


ASX:OCA Oceania Healthcare Ltd ASX:OCA
44 GF Score
Price A$0.61
GF Value A$0.77
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is Oceania Healthcare Beneish M-Score?

Oceania Healthcare ASX:OCA 44 Beneish M-Score is -2.60 as of Jun. 24, 2026. GuruFocus rates ASX:OCA with a GF Score™ of 44/100 and a GF Value™ of A$0.77 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 632 Healthcare Providers & Services companies, Oceania Healthcare ranks better than 51.27% 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:OCA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95   Med: -2.53   Max: -2.13
Current: -2.6

During the past 9 years, the highest Beneish M-Score of Oceania Healthcare was -2.13. The lowest was -2.95. And the median was -2.53.

Oceania Healthcare Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Oceania Healthcare'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.

Oceania Healthcare Beneish M-Score Chart

Oceania Healthcare Annual Data
Trend May17 May18 May19 May20 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.14 -2.13 -2.53 -2.76 -2.60

Oceania Healthcare Semi-Annual Data
May17 Nov17 May18 Nov18 May19 Nov19 May20 Nov20 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
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 -2.53 0.00 -2.76 0.00 -2.60

ASX:OCA vs HCA, THC, DVA: Beneish M-Score Comparison

For the Medical Care Facilities subindustry, Oceania Healthcare'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.

Oceania Healthcare Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Oceania Healthcare's Beneish M-Score distribution charts can be found below:

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


ASX:OCA
44GF Score
Oceania Healthcare Ltd ASX:OCA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Oceania Healthcare 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 Oceania Healthcare 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 * 1.1795+0.528 * 1+0.404 * 0.9803+0.892 * 0.9399+0.115 * 0.9941
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9874+4.679 * -0.065474-0.327 * 0.9868
=-2.68

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was A$114.0 Mil.
Revenue was A$222.6 Mil.
Gross Profit was A$222.6 Mil.
Total Current Assets was A$130.2 Mil.
Total Assets was A$2,563.4 Mil.
Property, Plant and Equipment(Net PPE) was A$744.0 Mil.
Depreciation, Depletion and Amortization(DDA) was A$19.8 Mil.
Selling, General, & Admin. Expense(SGA) was A$150.5 Mil.
Total Current Liabilities was A$1,142.8 Mil.
Long-Term Debt & Capital Lease Obligation was A$439.0 Mil.
Net Income was A$0.1 Mil.
Gross Profit was A$26.8 Mil.
Cash Flow from Operations was A$141.1 Mil.
 Total Receivables was A$102.8 Mil.
Revenue was A$236.8 Mil.
Gross Profit was A$236.8 Mil.
Total Current Assets was A$114.6 Mil.
Total Assets was A$2,672.9 Mil.
Property, Plant and Equipment(Net PPE) was A$761.5 Mil.
Depreciation, Depletion and Amortization(DDA) was A$20.1 Mil.
Selling, General, & Admin. Expense(SGA) was A$162.1 Mil.
Total Current Liabilities was A$1,091.2 Mil.
Long-Term Debt & Capital Lease Obligation was A$580.2 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)
=(113.957 / 222.616) / (102.789 / 236.843)
=0.511899 / 0.433996
=1.1795

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)
=(236.843 / 236.843) / (222.616 / 222.616)
=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 - (130.19 + 744.019) / 2563.389) / (1 - (114.63 + 761.53) / 2672.893)
=0.658964 / 0.672205
=0.9803

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
=222.616 / 236.843
=0.9399

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))
=(20.131 / (20.131 + 761.53)) / (19.789 / (19.789 + 744.019))
=0.025754 / 0.025908
=0.9941

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)
=(150.468 / 222.616) / (162.127 / 236.843)
=0.675908 / 0.684534
=0.9874

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)
=((439.009 + 1142.769) / 2563.389) / ((580.178 + 1091.21) / 2672.893)
=0.617065 / 0.62531
=0.9868

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
=(0.099 - 26.799 - 141.136) / 2563.389
=-0.065474

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.

Oceania Healthcare has a M-score of -2.68 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 -2.60 mean?
Oceania Healthcare (ASX:OCA) has a Beneish M-Score of -2.60 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Oceania Healthcare and its competitors. According to the industry distribution chart, Oceania Healthcare ranks #308 out of 632 companies in the Healthcare Providers & Services industry, placing it in the top 48.7%.
Is Oceania Healthcare's Beneish M-Score too high?
Oceania Healthcare's current Beneish M-Score is -2.60. Based on the distribution chart, Oceania Healthcare ranks #308 out of 632 companies in the Healthcare Providers & Services industry, which is above the industry midpoint. Overall, Oceania Healthcare has a GF Score™ of 44/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Oceania Healthcare's Beneish M-Score compare to HCA and THC?
According to the Healthcare Providers & Services industry distribution chart, Oceania Healthcare ranks #308 out of 632 companies for Beneish M-Score. This puts Oceania Healthcare 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 Oceania Healthcare and its competitors. Oceania Healthcare's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Oceania Healthcare stock overvalued right now?
Based on GuruFocus' analysis, Oceania Healthcare (ASX:OCA) is currently considered Modestly Undervalued. The stock's GF Value™ is A$0.77, compared to a current price of A$0.61 — trading 20.8% below its estimated fair value. The current Beneish M-Score is -2.60. Oceania Healthcare's overall GF Score™ is 44/100 with 4 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 Oceania Healthcare (ASX:OCA), the current Beneish M-Score is -2.60 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 Oceania Healthcare (ASX:OCA) Overvalued in 2026?

Based on GuruFocus' analysis, Oceania Healthcare stock appears to be undervalued. The current stock price of A$0.61 is trading 20.8% below its estimated GF Value™ of A$0.77. GuruFocus considers Oceania Healthcare to be Modestly Undervalued.

Key valuation signals for ASX:OCA:

  • Beneish M-Score: -2.60
  • GF Value™: A$0.77 vs. price of A$0.61 (20.8% below fair value)
  • GF Score™: 44/100 with 4 warning signs

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

Oceania Healthcare Business Description

Other Exchanges OCA:New Zealand
Address 188 Quay Street, Level 26, HSBC Tower, Auckland, NTL, NZL, 1010
Oceania Healthcare Ltd owns and operates rest homes and retirement villages. The business activities of the group are operated through care operations, village operations, and other segments. The company generates maximum revenue from the care operations segment, which includes traditional care beds and care suites as well as the provision of accommodation, care, care packages, meals, and related services to aged care residents. Geographically, it operates throughout New Zealand. The company derives revenue from Rest homes, hospitals, dementia fees, and others.
44GF Score

Get the complete analysis for ASX:OCA

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

A$0.61
Price
A$0.77
GF Value