BRQSF (Borqs Technologies) Beneish M-Score: 0.68 (As of Jun. 25, 2026)


BRQSF Borqs Technologies Inc BRQSF
37 GF Score
Price $0.13
GF Value $0.05
Valuation Significantly Overvalued
! 5 Warning Signs
View Full Analysis

What is Borqs Technologies Beneish M-Score?

Borqs Technologies BRQSF +0.20% 37 Beneish M-Score is 0.68 as of Jun. 25, 2026. GuruFocus rates BRQSF with a GF Score™ of 37/100 and a GF Value™ of $0.05 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 2,633 Software companies, Borqs Technologies ranks worse than 94.42% 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 0.68 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BRQSF' s Beneish M-Score Range Over the Past 10 Years
Min: -10.9   Med: -3.05   Max: 157.68
Current: 0.68

During the past 10 years, the highest Beneish M-Score of Borqs Technologies was 157.68. The lowest was -10.90. And the median was -3.05.

Borqs Technologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Borqs Technologies'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.

Borqs Technologies Beneish M-Score Chart

Borqs Technologies Annual Data
Trend Jun16 Jun17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.44 -4.92 -4.53 -3.05 0.68

Borqs Technologies 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 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 -4.53 0.00 -3.05 0.00 0.68

BRQSF vs IPSI, TGCB, OVTZ: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Borqs Technologies'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.

Borqs Technologies Beneish M-Score vs Software Industry

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

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


BRQSF
37GF Score
Borqs Technologies Inc BRQSF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Borqs Technologies 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 Borqs Technologies 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 * -0.6839+0.528 * 5.6798+0.404 * 0+0.892 * 0.4908+0.115 * 1.1802
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 4.1825+4.679 * 0.715922-0.327 * 0.1775
=0.68

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $-0.29 Mil.
Revenue was $13.60 Mil.
Gross Profit was $0.50 Mil.
Total Current Assets was $8.51 Mil.
Total Assets was $8.55 Mil.
Property, Plant and Equipment(Net PPE) was $0.05 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.12 Mil.
Selling, General, & Admin. Expense(SGA) was $14.37 Mil.
Total Current Liabilities was $1.58 Mil.
Long-Term Debt & Capital Lease Obligation was $0.03 Mil.
Net Income was $5.37 Mil.
Gross Profit was $27.14 Mil.
Cash Flow from Operations was $-27.90 Mil.
 Total Receivables was $0.86 Mil.
Revenue was $27.71 Mil.
Gross Profit was $5.79 Mil.
Total Current Assets was $23.36 Mil.
Total Assets was $25.41 Mil.
Property, Plant and Equipment(Net PPE) was $0.22 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.25 Mil.
Selling, General, & Admin. Expense(SGA) was $7.00 Mil.
Total Current Liabilities was $26.92 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(-0.289 / 13.602) / (0.861 / 27.713)
=-0.021247 / 0.031068
=-0.6839

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)
=(5.786 / 27.713) / (0.5 / 13.602)
=0.208783 / 0.036759
=5.6798

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 - (8.506 + 0.048) / 8.554) / (1 - (23.355 + 0.223) / 25.409)
=0 / 0.072061
=0

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
=13.602 / 27.713
=0.4908

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))
=(1.253 / (1.253 + 0.223)) / (0.123 / (0.123 + 0.048))
=0.848916 / 0.719298
=1.1802

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)
=(14.368 / 13.602) / (6.999 / 27.713)
=1.056315 / 0.252553
=4.1825

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)
=((0.03 + 1.578) / 8.554) / ((0 + 26.916) / 25.409)
=0.187982 / 1.05931
=0.1775

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
=(5.365 - 27.14 - -27.899) / 8.554
=0.715922

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.

Borqs Technologies has a M-score of 0.68 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 0.68 mean?
Borqs Technologies (BRQSF) has a Beneish M-Score of 0.68 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Borqs Technologies and its competitors. According to the industry distribution chart, Borqs Technologies ranks #2486 out of 2633 companies in the Software industry, placing it in the top 94.4%.
Is Borqs Technologies' Beneish M-Score too high?
Borqs Technologies' current Beneish M-Score is 0.68. Based on the distribution chart, Borqs Technologies ranks #2486 out of 2633 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Borqs Technologies has a GF Score™ of 37/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Borqs Technologies' Beneish M-Score compare to IPSI and TGCB?
According to the Software industry distribution chart, Borqs Technologies ranks #2486 out of 2633 companies for Beneish M-Score. This places Borqs Technologies 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 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 Borqs Technologies and its competitors. Borqs Technologies's current Beneish M-Score is 0.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Borqs Technologies stock overvalued right now?
Based on GuruFocus' analysis, Borqs Technologies (BRQSF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.05, compared to a current price of $0.13 — trading 156.3% above its estimated fair value. The current Beneish M-Score is 0.68. Borqs Technologies' overall GF Score™ is 37/100 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 Borqs Technologies (BRQSF), the current Beneish M-Score is 0.68 as of Jun. 25, 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 Borqs Technologies (BRQSF) Overvalued in 2026?

Based on GuruFocus' analysis, Borqs Technologies stock appears to be overvalued. The current stock price of $0.13 is trading 156.3% above its estimated GF Value™ of $0.05. GuruFocus considers Borqs Technologies to be Significantly Overvalued.

Key valuation signals for BRQSF:

  • Beneish M-Score: 0.68
  • GF Value™: $0.05 vs. price of $0.13 (156.3% above fair value)
  • GF Score™: 37/100 with 5 warning signs

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

Borqs Technologies Business Description

Address 7 Shing Yip Street, Office B, 21st Floor, Legend Tower, Kwun Tong, Kowloon, Hong Kong, HKG
Borqs Technologies Inc is focused on software, development services, and products providing customizable, differentiated, and scalable Android-based smart connected devices and cloud service solutions. The Company provides commercial-grade Android platform software for mobile chipset manufacturers, mobile device OEMs, and mobile operators, as well as complete product solutions of mobile connected devices for enterprise and consumer applications. It developed the reference Android software platform and hardware platform for Intel and Qualcomm phones and tablets. It provided Connected Solutions customers with customized, integrated, commercial-grade Android platform software and service solutions through the targeted BorqsWare software platform solutions.
37GF Score

Get the complete analysis for BRQSF

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

$0.13
Price
$0.05
GF Value