X2M Connect (ASX:X2M) Beneish M-Score: -9.57 (As of Jun. 26, 2026)


What is X2M Connect Beneish M-Score?

X2M Connect ASX:X2M -10.00% Beneish M-Score is -9.57 as of Jun. 26, 2026. The stock has 8 warning signs investors should review. Among 2,404 Hardware companies, X2M Connect ranks better than 99.46% 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 -9.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for X2M Connect's Beneish M-Score or its related term are showing as below:

ASX:X2M' s Beneish M-Score Range Over the Past 10 Years
Min: -9.57   Med: -6.77   Max: -3.97
Current: -9.57

During the past 4 years, the highest Beneish M-Score of X2M Connect was -3.97. The lowest was -9.57. And the median was -6.77.

X2M Connect Beneish M-Score Historical Data

* Premium members only.

The historical data trend for X2M Connect'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.

X2M Connect Beneish M-Score Chart

X2M Connect Annual Data
Trend Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -3.97 -9.57

X2M Connect Semi-Annual Data
Dec20 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 -3.97 0.00 -9.57 0.00

ASX:X2M vs COHR, KEYS, GRMN: Beneish M-Score Comparison

For the Scientific & Technical Instruments subindustry, X2M Connect'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.

X2M Connect Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, X2M Connect's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where X2M Connect's Beneish M-Score falls into.


X2M Connect 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 X2M Connect 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 * 0.401+0.528 * 0.7877+0.404 * 0.2129+0.892 * 0.4836+0.115 * 0.7073
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.7222+4.679 * -1.064635-0.327 * 2.5541
=-9.57

* 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$0.56 Mil.
Revenue was A$6.47 Mil.
Gross Profit was A$3.02 Mil.
Total Current Assets was A$4.44 Mil.
Total Assets was A$5.15 Mil.
Property, Plant and Equipment(Net PPE) was A$0.28 Mil.
Depreciation, Depletion and Amortization(DDA) was A$1.51 Mil.
Selling, General, & Admin. Expense(SGA) was A$5.24 Mil.
Total Current Liabilities was A$12.73 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.61 Mil.
Net Income was A$-12.97 Mil.
Gross Profit was A$-4.60 Mil.
Cash Flow from Operations was A$-2.89 Mil.
 Total Receivables was A$2.87 Mil.
Revenue was A$13.38 Mil.
Gross Profit was A$4.92 Mil.
Total Current Assets was A$7.49 Mil.
Total Assets was A$13.99 Mil.
Property, Plant and Equipment(Net PPE) was A$0.90 Mil.
Depreciation, Depletion and Amortization(DDA) was A$1.34 Mil.
Selling, General, & Admin. Expense(SGA) was A$6.29 Mil.
Total Current Liabilities was A$9.37 Mil.
Long-Term Debt & Capital Lease Obligation was A$4.83 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)
=(0.557 / 6.473) / (2.872 / 13.384)
=0.08605 / 0.214585
=0.401

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)
=(4.917 / 13.384) / (3.019 / 6.473)
=0.367379 / 0.466399
=0.7877

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 - (4.435 + 0.278) / 5.152) / (1 - (7.491 + 0.901) / 13.994)
=0.08521 / 0.400314
=0.2129

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
=6.473 / 13.384
=0.4836

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))
=(1.335 / (1.335 + 0.901)) / (1.506 / (1.506 + 0.278))
=0.597048 / 0.84417
=0.7073

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)
=(5.235 / 6.473) / (6.285 / 13.384)
=0.808744 / 0.469591
=1.7222

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)
=((0.614 + 12.732) / 5.152) / ((4.827 + 9.366) / 13.994)
=2.59045 / 1.01422
=2.5541

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
=(-12.974 - -4.599 - -2.89) / 5.152
=-1.064635

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.

X2M Connect has a M-score of -9.57 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 -9.57 mean?
X2M Connect (ASX:X2M) has a Beneish M-Score of -9.57 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on X2M Connect and its competitors. According to the industry distribution chart, X2M Connect ranks #13 out of 2404 companies in the Hardware industry, placing it in the top 0.5%.
Is X2M Connect's Beneish M-Score too high?
X2M Connect's current Beneish M-Score is -9.57. Based on the distribution chart, X2M Connect ranks #13 out of 2404 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers.
How does X2M Connect's Beneish M-Score compare to COHR and KEYS?
According to the Hardware industry distribution chart, X2M Connect ranks #13 out of 2404 companies for Beneish M-Score. This places X2M Connect in the top 1% of its industry — outperforming the majority of peers. 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 X2M Connect and its competitors. X2M Connect's current Beneish M-Score is -9.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is X2M Connect stock overvalued right now?
Based on GuruFocus' analysis, X2M Connect (ASX:X2M) is currently considered Possible Value Trap. The stock's GF Value™ is A$0.01, compared to a current price of A$0.00 — trading 55% below its estimated fair value. The current Beneish M-Score is -9.57. 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 X2M Connect (ASX:X2M), the current Beneish M-Score is -9.57 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.

X2M Connect Business Description

Address 18-24 Ricketts Road, Suite 1.01b, Building B, Mount Waverley, VIC, AUS, 3149
X2M Connect Ltd is an Internet of Things (IoT) technology company that uses the internet to deliver productivity improvements, cost savings, and improved public safety to enterprise and government customers. Its focus is servicing the utility sector in the Asia-Pacific utility market through the provision of technology that connects devices over the internet, such as water meters and gas pressure sensors and which enables data exchange and control of these devices. The company's geographical segment includes South Korea, China, Taiwan, and other countries. It derives a majority of revenue from South Korea.