Sonic Healthcare (ASX:SHL) Beneish M-Score: -2.69 (As of Jun. 24, 2026)

What is Sonic Healthcare Beneish M-Score?

Sonic Healthcare ASX:SHL +0.15% 82 Beneish M-Score is -2.69 as of Jun. 24, 2026. GuruFocus rates ASX:SHL with a GF Score™ of 82/100 and a GF Value™ of A$32.93 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 195 Medical Diagnostics & Research companies, Sonic Healthcare ranks better than 57.44% 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:SHL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.52 Max: -2.24
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Sonic Healthcare was -2.24. The lowest was -3.01. And the median was -2.52.

Sonic Healthcare Beneish M-Score Related Terms

Sonic Healthcare Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sonic 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.

Sonic Healthcare Beneish M-Score Chart

Sonic Healthcare Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

Get a 7-Day Free Trial

-2.51

-2.52

-2.87

-2.24

-2.69

Sonic Healthcare 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															0.00	-2.24	0.00	-2.69	0.00

ASX:SHL vs TMO, DHR, IDXX: Beneish M-Score Comparison

For the Diagnostics & Research subindustry, Sonic 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.

Sonic Healthcare Beneish M-Score vs Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Sonic Healthcare's Beneish M-Score distribution charts can be found below:

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

Save Embed

82GF Score

Sonic Healthcare Ltd ASX:SHL

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Sonic 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 Sonic Healthcare for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8418

0.528 * 0.9999

0.404 * 0.7652

0.892 * 1.0767

0.115 * 2.4153

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9968

4.679 * -0.049067

0.327 * 0.9282

-2.69

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was A$1,503 Mil.
Revenue was A$9,619 Mil.
Gross Profit was A$8,057 Mil.
Total Current Assets was A$2,606 Mil.
Total Assets was A$16,054 Mil.
Property, Plant and Equipment(Net PPE) was A$3,333 Mil.
Depreciation, Depletion and Amortization(DDA) was A$815 Mil.
Selling, General, & Admin. Expense(SGA) was A$4,695 Mil.
Total Current Liabilities was A$2,223 Mil.
Long-Term Debt & Capital Lease Obligation was A$4,710 Mil.
Net Income was A$514 Mil.
Gross Profit was A$5 Mil.
Cash Flow from Operations was A$1,297 Mil.

Total Receivables was A$1,659 Mil.
Revenue was A$8,934 Mil.
Gross Profit was A$7,483 Mil.
Total Current Assets was A$2,995 Mil.
Total Assets was A$21,838 Mil.
Property, Plant and Equipment(Net PPE) was A$860 Mil.
Depreciation, Depletion and Amortization(DDA) was A$777 Mil.
Selling, General, & Admin. Expense(SGA) was A$4,375 Mil.
Total Current Liabilities was A$3,616 Mil.
Long-Term Debt & Capital Lease Obligation was A$6,545 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)
	=	(1503.362 / 9619.183)	/	(1658.622 / 8934.198)
	=	0.156288	/	0.185649
	=	0.8418

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)
	=	(7482.582 / 8934.198)	/	(8057.332 / 9619.183)
	=	0.837521	/	0.837632
	=	0.9999

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 - (2605.626 + 3332.902) / 16053.918)	/	(1 - (2995.261 + 859.997) / 21838.147)
	=	0.630089	/	0.823462
	=	0.7652

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
	=	9619.183	/	8934.198
	=	1.0767

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))
	=	(777.305 / (777.305 + 859.997))	/	(815.365 / (815.365 + 3332.902))
	=	0.474747	/	0.196556
	=	2.4153

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)
	=	(4695.279 / 9619.183)	/	(4375.051 / 8934.198)
	=	0.488116	/	0.489697
	=	0.9968

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)
	=	((4709.881 + 2223.402) / 16053.918)	/	((6544.738 + 3616.007) / 21838.147)
	=	0.431875	/	0.465275
	=	0.9282

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
	=	(513.597 - 4.52	-	1296.79)	/	16053.918
	=	-0.049067

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.

Sonic Healthcare has a M-score of -2.69 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 -2.69 mean?

Sonic Healthcare (ASX:SHL) has a Beneish M-Score of -2.69 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sonic Healthcare and its competitors. According to the industry distribution chart, Sonic Healthcare ranks #83 out of 195 companies in the Medical Diagnostics & Research industry, placing it in the top 42.6%.

Is Sonic Healthcare's Beneish M-Score too high?

Sonic Healthcare's current Beneish M-Score is -2.69. Based on the distribution chart, Sonic Healthcare ranks #83 out of 195 companies in the Medical Diagnostics & Research industry, which is above the industry midpoint. Overall, Sonic Healthcare has a GF Score™ of 82/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Sonic Healthcare's Beneish M-Score compare to TMO and DHR?

According to the Medical Diagnostics & Research industry distribution chart, Sonic Healthcare ranks #83 out of 195 companies for Beneish M-Score. This puts Sonic 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 Medical Diagnostics & Research company?

A good Beneish M-Score depends on the Medical Diagnostics & Research 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 Sonic Healthcare and its competitors. Sonic Healthcare's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sonic Healthcare stock overvalued right now?

Based on GuruFocus' analysis, Sonic Healthcare (ASX:SHL) is currently considered Significantly Undervalued. The stock's GF Value™ is A$32.93, compared to a current price of A$19.86 — trading 39.7% below its estimated fair value. The current Beneish M-Score is -2.69. Sonic Healthcare's overall GF Score™ is 82/100 with 5 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 Sonic Healthcare (ASX:SHL), the current Beneish M-Score is -2.69 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 Sonic Healthcare (ASX:SHL) Overvalued in 2026?

Based on GuruFocus' analysis, Sonic Healthcare stock appears to be undervalued. The current stock price of A$19.86 is trading 39.7% below its estimated GF Value™ of A$32.93. GuruFocus considers Sonic Healthcare to be Significantly Undervalued.

Key valuation signals for ASX:SHL:

Beneish M-Score: -2.69
GF Value™: A$32.93 vs. price of A$19.86 (39.7% below fair value)
GF Score™: 82/100 with 5 warning signs

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

Sonic Healthcare Business Description

Industry Healthcare Medical Diagnostics & Research

Comparable Companies ASX:IDX ASX:ACL ASX:MVF ASX:HLS ASX:CTE ASX:IIQ ASX:RHY ASX:MAP ASX:BDX ASX:IME TMO DHR SHSE:603259 XSWX:LONN IDXX A WAT NTRA IQV ILMN

Other Exchanges SKHHY:USA SKHCF:USA SAB:Germany

Address 225 George Street, Level 22, Grosvenor Place, Sydney, NSW, AUS, 2000

Website https://www.sonichealthcare.com

Sonic Healthcare is a global pathology provider. It is the largest private operator in Australia, Germany, Switzerland and the UK, the second-largest in Belgium and New Zealand, and the third largest in the US. In addition to pathology, which contributes roughly 85% of group revenue, Sonic is the second-largest player in diagnostic imaging in Australia and the largest operator of medical centers in Australia. The company typically earns about 35% of group revenue in Australia and New Zealand, 25% in the US, and 40% in Europe.

82GF Score

Get the complete analysis for ASX:SHL

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

A$19.86

Price

A$32.93

GF Value

View ASX:SHL Analysis

See Beneish M-Score data for all stocks →