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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Ser Educacional's Beneish M-Score or its related term are showing as below:
BSP:SEER3'
s Beneish M-Score Range Over the Past 10 Years
Min: -55.83 Med: -2.68 Max: -2.24
Current: -2.63
During the past 13 years, the highest Beneish M-Score of Ser Educacional was -2.24. The lowest was -55.83. And the median was -2.68.
Ser Educacional Beneish M-Score Related Terms
Ser Educacional Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Ser Educacional'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.
BSP:SEER3 vs EDU, TAL, GHC: Beneish M-Score Comparison
For the Education & Training Services subindustry, Ser Educacional'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.
Ser Educacional Beneish M-Score vs Education Industry
For the Education industry and Consumer Defensive sector, Ser Educacional's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ser Educacional's Beneish M-Score falls into.
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 Ser Educacional 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 * 1.0259
+
0.528 * 0.9558
+
0.404 * 0.9443
+
0.892 * 1.0916
+
0.115 * 0.8974
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9234
+
4.679 * -0.047515
-
0.327 * 0.9708
=
-2.63
* 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.
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.
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))
=
(221.092 / (221.092 + 1086.004))
/
(225.307 / (225.307 + 970.053))
=
0.169147
/
0.188485
=
0.8974
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
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
=
(246.706 - 0
-
416.238)
/
3567.953
=
-0.047515
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.
Ser Educacional has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
Ser Educacional (BSP:SEER3) has a Beneish M-Score of -2.63 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ser Educacional and its competitors. According to the industry distribution chart, Ser Educacional ranks #116 out of 243 companies in the Education industry, placing it in the top 47.7%.
Is Ser Educacional's Beneish M-Score too high?
Ser Educacional's current Beneish M-Score is -2.63. Based on the distribution chart, Ser Educacional ranks #116 out of 243 companies in the Education industry, which is above the industry midpoint. Overall, Ser Educacional has a GF Score™ of 79/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ser Educacional's Beneish M-Score compare to EDU and TAL?
According to the Education industry distribution chart, Ser Educacional ranks #116 out of 243 companies for Beneish M-Score. This puts Ser Educacional 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 an Education company?
A good Beneish M-Score depends on the Education 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 Ser Educacional and its competitors. Ser Educacional's current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ser Educacional stock overvalued right now?
Based on GuruFocus' analysis, Ser Educacional (BSP:SEER3) is currently considered Significantly Overvalued. The stock's GF Value™ is R$8.14, compared to a current price of R$11.05 — trading 35.7% above its estimated fair value. The current Beneish M-Score is -2.63. Ser Educacional's overall GF Score™ is 79/100 with 3 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 Ser Educacional (BSP:SEER3), the current Beneish M-Score is -2.63 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 Ser Educacional (BSP:SEER3) Overvalued in 2026?
Based on GuruFocus' analysis, Ser Educacional stock appears to be overvalued.
The current stock price of R$11.05 is trading 35.7% above its estimated GF Value™ of R$8.14.
GuruFocus considers Ser Educacional to be Significantly Overvalued.
Key valuation signals for BSP:SEER3:
Beneish M-Score: -2.63
GF Value™: R$8.14 vs. price of R$11.05 (35.7% above fair value)
No single metric tells the full story. See the BSP:SEER3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ser Educacional SA is an education and training services company. It is principally involved in the development and management activities for on-campus and distance-learning undergraduate, graduate, professional training, and other areas of education, and in participation, as a partner or shareholder, in other partnerships and companies in Brazil. Geographically, the operations are carried out through Brazil which also accounts for the majority of the revenue which includes monthly tuitions charged to students enrolled semiannually in regular undergraduate, graduate, distance learning, and technical courses.
79GF Score
Get the complete analysis for BSP:SEER3
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BSP:SEER3 has been successfully added to your 
