BLRX (BioLine Rx) Beneish M-Score: 10.11 (As of Jun. 26, 2026)


BLRX BioLine Rx Ltd BLRX
23 GF Score
Price $3.07
! 5 Warning Signs
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What is BioLine Rx Beneish M-Score?

BioLine Rx BLRX -2.35% 23 Beneish M-Score is 10.11 as of Jun. 26, 2026. GuruFocus rates BLRX with a GF Score™ of 23/100. The stock has 5 warning signs investors should review. Among 831 Biotechnology companies, BioLine Rx ranks worse than 93.5% 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.

Warning Sign:

Beneish M-Score 10.11 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BLRX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.15   Med: -1.58   Max: 10.11
Current: 10.11

During the past 13 years, the highest Beneish M-Score of BioLine Rx was 10.11. The lowest was -3.15. And the median was -1.58.

BioLine Rx Beneish M-Score Historical Data

* Premium members only.

The historical data trend for BioLine Rx'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.

BioLine Rx Beneish M-Score Chart

BioLine Rx Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 3.88 -1.83

BioLine Rx Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 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 Premium Member Only Premium Member Only -1.33 -2.76 -3.15 -1.83 10.11

BLRX vs VRTX, REGN, ALNY: Beneish M-Score Comparison

For the Biotechnology subindustry, BioLine Rx'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.

BioLine Rx Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, BioLine Rx's Beneish M-Score distribution charts can be found below:

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


BLRX
23GF Score
BioLine Rx Ltd BLRX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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BioLine Rx 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 BioLine Rx 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 * 15.6856+0.528 * 0.819+0.404 * 1.7576+0.892 * 0.0628+0.115 * 2.1829
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.7665+4.679 * -0.035338-0.327 * 0.8894
=10.11

* 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 $1.89 Mil.
Revenue was 0.477 + 0.194 + 0.427 + 0.304 = $1.40 Mil.
Gross Profit was 0.382 + 0.154 + 0.343 + 0.232 = $1.11 Mil.
Total Current Assets was $21.58 Mil.
Total Assets was $38.80 Mil.
Property, Plant and Equipment(Net PPE) was $0.87 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.45 Mil.
Selling, General, & Admin. Expense(SGA) was $3.79 Mil.
Total Current Liabilities was $13.62 Mil.
Long-Term Debt & Capital Lease Obligation was $4.34 Mil.
Net Income was -1.601 + -1.385 + -0.977 + -3.94 = $-7.90 Mil.
Non Operating Income was 0.458 + 1.467 + 1.157 + -1.851 = $1.23 Mil.
Cash Flow from Operations was -2.28 + -3.2 + -2.106 + -0.177 = $-7.76 Mil.
 Total Receivables was $1.92 Mil.
Revenue was 0.255 + 11.749 + 4.943 + 5.393 = $22.34 Mil.
Gross Profit was 0.221 + 5.66 + 4.121 + 4.496 = $14.50 Mil.
Total Current Assets was $31.92 Mil.
Total Assets was $43.51 Mil.
Property, Plant and Equipment(Net PPE) was $1.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.33 Mil.
Selling, General, & Admin. Expense(SGA) was $21.80 Mil.
Total Current Liabilities was $14.03 Mil.
Long-Term Debt & Capital Lease Obligation was $8.62 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)
=(1.891 / 1.402) / (1.921 / 22.34)
=1.348787 / 0.085989
=15.6856

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)
=(14.498 / 22.34) / (1.111 / 1.402)
=0.64897 / 0.792439
=0.819

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 - (21.582 + 0.867) / 38.797) / (1 - (31.917 + 1.162) / 43.51)
=0.421373 / 0.239738
=1.7576

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
=1.402 / 22.34
=0.0628

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))
=(3.333 / (3.333 + 1.162)) / (0.446 / (0.446 + 0.867))
=0.741491 / 0.33968
=2.1829

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)
=(3.785 / 1.402) / (21.801 / 22.34)
=2.699715 / 0.975873
=2.7665

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)
=((4.338 + 13.624) / 38.797) / ((8.618 + 14.03) / 43.51)
=0.462974 / 0.520524
=0.8894

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
=(-7.903 - 1.231 - -7.763) / 38.797
=-0.035338

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.

BioLine Rx has a M-score of 10.11 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 10.11 mean?
BioLine Rx (BLRX) has a Beneish M-Score of 10.11 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BioLine Rx and its competitors. According to the industry distribution chart, BioLine Rx ranks #777 out of 831 companies in the Biotechnology industry, placing it in the top 93.5%.
Is BioLine Rx's Beneish M-Score too high?
BioLine Rx's current Beneish M-Score is 10.11. Based on the distribution chart, BioLine Rx ranks #777 out of 831 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, BioLine Rx has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does BioLine Rx's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, BioLine Rx ranks #777 out of 831 companies for Beneish M-Score. This places BioLine Rx in the lower 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 Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 BioLine Rx and its competitors. BioLine Rx's current Beneish M-Score is 10.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BioLine Rx stock overvalued right now?
BioLine Rx (BLRX) has a current Beneish M-Score of 10.11. The current Beneish M-Score is 10.11. BioLine Rx's overall GF Score™ is 23/100 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 BioLine Rx (BLRX), the current Beneish M-Score is 10.11 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.

BioLine Rx Business Description

Other Exchanges BLRX:IsraelYP2:Germany
Address 2 HaMa’ayan Street, Modi’in, ISR, 7177871
BioLine Rx Ltd is a commercial-stage biopharmaceutical company focused on oncology. The company's current development and commercialization pipeline consists of two clinical-stage therapeutic candidates motixafortide (BL-8040), a novel peptide for the treatment of stem-cell mobilization and solid tumors, and AGI-134, an immuno-oncology agent in development for solid tumors. In addition, the company has a legacy therapeutic product called BL-5010 for the treatment of skin lesions. The company has generated revenues from milestone payments under previously existing out-licensing agreements.
23GF Score

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

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