RAS Technology Holdings (ASX:RTH) Beneish M-Score: -2.79 (As of Jun. 26, 2026)


ASX:RTH RAS Technology Holdings Ltd ASX:RTH
43 GF Score
Price A$0.52
GF Value A$1.53
Valuation Significantly Undervalued
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What is RAS Technology Holdings Beneish M-Score?

RAS Technology Holdings ASX:RTH +9.57% 43 Beneish M-Score is -2.79 as of Jun. 26, 2026. GuruFocus rates ASX:RTH with a GF Score™ of 43/100 and a GF Value™ of A$1.53 (Significantly Undervalued). Among 2,633 Software companies, RAS Technology Holdings ranks better than 67.07% 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:RTH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89   Med: -2.79   Max: -2.76
Current: -2.79

During the past 5 years, the highest Beneish M-Score of RAS Technology Holdings was -2.76. The lowest was -2.89. And the median was -2.79.

RAS Technology Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for RAS Technology 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.

RAS Technology Holdings Beneish M-Score Chart

RAS Technology Holdings Annual Data
Trend Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -2.76 -2.89 -2.79

RAS Technology Holdings Semi-Annual Data
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 0.00 -2.89 0.00 -2.79 0.00

ASX:RTH vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, RAS Technology 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.

RAS Technology Holdings Beneish M-Score vs Software Industry

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

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


ASX:RTH
43GF Score
RAS Technology Holdings Ltd ASX:RTH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

RAS Technology 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 RAS Technology 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 * 0.5564+0.528 * 1+0.404 * 1.7736+0.892 * 1.3144+0.115 * 0.8104
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8492+4.679 * -0.111101-0.327 * 0.9303
=-2.79

* 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$2.64 Mil.
Revenue was A$21.27 Mil.
Gross Profit was A$21.27 Mil.
Total Current Assets was A$9.31 Mil.
Total Assets was A$21.82 Mil.
Property, Plant and Equipment(Net PPE) was A$0.66 Mil.
Depreciation, Depletion and Amortization(DDA) was A$2.10 Mil.
Selling, General, & Admin. Expense(SGA) was A$12.39 Mil.
Total Current Liabilities was A$5.40 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.09 Mil.
Net Income was A$0.53 Mil.
Gross Profit was A$-0.09 Mil.
Cash Flow from Operations was A$3.04 Mil.
 Total Receivables was A$3.61 Mil.
Revenue was A$16.18 Mil.
Gross Profit was A$16.18 Mil.
Total Current Assets was A$12.49 Mil.
Total Assets was A$19.47 Mil.
Property, Plant and Equipment(Net PPE) was A$1.02 Mil.
Depreciation, Depletion and Amortization(DDA) was A$1.65 Mil.
Selling, General, & Admin. Expense(SGA) was A$11.10 Mil.
Total Current Liabilities was A$4.81 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.45 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)
=(2.641 / 21.269) / (3.611 / 16.181)
=0.124171 / 0.223163
=0.5564

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)
=(16.181 / 16.181) / (21.269 / 21.269)
=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 - (9.309 + 0.655) / 21.818) / (1 - (12.487 + 1.018) / 19.469)
=0.543313 / 0.306333
=1.7736

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
=21.269 / 16.181
=1.3144

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))
=(1.645 / (1.645 + 1.018)) / (2.1 / (2.1 + 0.655))
=0.617724 / 0.76225
=0.8104

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)
=(12.385 / 21.269) / (11.095 / 16.181)
=0.582303 / 0.685681
=0.8492

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)
=((0.094 + 5.398) / 21.818) / ((0.454 + 4.814) / 19.469)
=0.251719 / 0.270584
=0.9303

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
=(0.526 - -0.09 - 3.04) / 21.818
=-0.111101

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.

RAS Technology Holdings has a M-score of -2.79 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 -2.79 mean?
RAS Technology Holdings (ASX:RTH) has a Beneish M-Score of -2.79 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on RAS Technology Holdings and its competitors. According to the industry distribution chart, RAS Technology Holdings ranks #867 out of 2633 companies in the Software industry, placing it in the top 32.9%.
Is RAS Technology Holdings' Beneish M-Score too high?
RAS Technology Holdings' current Beneish M-Score is -2.79. Based on the distribution chart, RAS Technology Holdings ranks #867 out of 2633 companies in the Software industry, which is above the industry midpoint. Overall, RAS Technology Holdings has a GF Score™ of 43/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does RAS Technology Holdings' Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, RAS Technology Holdings ranks #867 out of 2633 companies for Beneish M-Score. This puts RAS Technology 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 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 RAS Technology Holdings and its competitors. RAS Technology Holdings's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RAS Technology Holdings stock overvalued right now?
Based on GuruFocus' analysis, RAS Technology Holdings (ASX:RTH) is currently considered Significantly Undervalued. The stock's GF Value™ is A$1.53, compared to a current price of A$0.52 — trading 66.3% below its estimated fair value. The current Beneish M-Score is -2.79. RAS Technology Holdings' overall GF Score™ is 43/100. 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 RAS Technology Holdings (ASX:RTH), the current Beneish M-Score is -2.79 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 RAS Technology Holdings (ASX:RTH) Overvalued in 2026?

Based on GuruFocus' analysis, RAS Technology Holdings stock appears to be undervalued. The current stock price of A$0.52 is trading 66.3% below its estimated GF Value™ of A$1.53. GuruFocus considers RAS Technology Holdings to be Significantly Undervalued.

Key valuation signals for ASX:RTH:

  • Beneish M-Score: -2.79
  • GF Value™: A$1.53 vs. price of A$0.52 (66.3% below fair value)
  • GF Score™: 43/100

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

RAS Technology Holdings Business Description

Address 55 Wentworth Avenue, Unit 4, Mezzanine Level, Kingston, ACT, AUS, 2604
RAS Technology Holdings Ltd is a provider of fully integrated premium data, enhanced content, SaaS solutions, and digital and media services to the racing and wagering industries. Geographically, the company operates in Australia, the United Kingdom, the United States, Asia, and the Rest of the World. The company generates the majority of its revenue from Australia.
43GF Score

Get the complete analysis for ASX:RTH

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

A$0.52
Price
A$1.53
GF Value