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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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Zebra Technologies's Beneish M-Score or its related term are showing as below:
BSP:Z1BR34'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.6 Max: -1.94
Current: -2.48
During the past 13 years, the highest Beneish M-Score of Zebra Technologies was -1.94. The lowest was -3.06. And the median was -2.60.
Zebra Technologies Beneish M-Score Related Terms
Zebra Technologies Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Zebra 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.
BSP:Z1BR34 vs VSAT, VIAV, AAOI: Beneish M-Score Comparison
For the Communication Equipment subindustry, Zebra 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.
Zebra Technologies Beneish M-Score vs Hardware Industry
For the Hardware industry and Technology sector, Zebra Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zebra Technologies'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 Zebra 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 * 1.0539
+
0.528 * 1.013
+
0.404 * 1.1295
+
0.892 * 1.0322
+
0.115 * 0.9218
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0108
+
4.679 * -0.044101
-
0.327 * 1.0644
=
-2.58
* 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))
=
(967.741 / (967.741 + 2729.339))
/
(1078.459 / (1078.459 + 2719.392))
=
0.261758
/
0.283966
=
0.9218
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
=
(2250.688 - -771.33
-
4943.633)
/
43573.027
=
-0.044101
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.
Zebra Technologies has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
Zebra Technologies (BSP:Z1BR34) has a Beneish M-Score of -2.48 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zebra Technologies and its competitors. According to the industry distribution chart, Zebra Technologies ranks #1154 out of 2402 companies in the Hardware industry, placing it in the top 48%.
Is Zebra Technologies' Beneish M-Score too high?
Zebra Technologies' current Beneish M-Score is -2.48. Based on the distribution chart, Zebra Technologies ranks #1154 out of 2402 companies in the Hardware industry, which is above the industry midpoint. Overall, Zebra Technologies has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Zebra Technologies' Beneish M-Score compare to VSAT and VIAV?
According to the Hardware industry distribution chart, Zebra Technologies ranks #1154 out of 2402 companies for Beneish M-Score. This puts Zebra Technologies 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 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 Zebra Technologies and its competitors. Zebra Technologies's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zebra Technologies stock overvalued right now?
Based on GuruFocus' analysis, Zebra Technologies (BSP:Z1BR34) is currently considered Modestly Undervalued. The stock's GF Value™ is R$52.56, compared to a current price of R$43.95 — trading 16.4% below its estimated fair value. The current Beneish M-Score is -2.48. Zebra Technologies' overall GF Score™ is 74/100 with 6 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 Zebra Technologies (BSP:Z1BR34), the current Beneish M-Score is -2.48 as of Jul. 30, 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 Zebra Technologies (BSP:Z1BR34) Overvalued in 2026?
Based on GuruFocus' analysis, Zebra Technologies stock appears to be undervalued.
The current stock price of R$43.95 is trading 16.4% below its estimated GF Value™ of R$52.56.
GuruFocus considers Zebra Technologies to be Modestly Undervalued.
Key valuation signals for BSP:Z1BR34:
Beneish M-Score: -2.48
GF Value™: R$52.56 vs. price of R$43.95 (16.4% below fair value)
No single metric tells the full story. See the BSP:Z1BR34 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Zebra Technologies is the largest provider of automatic identification and data capture technology to enterprises. Its solutions include barcode printers and scanners, mobile computers, and workflow optimization software. The firm primarily serves the retail, transportation logistics, manufacturing, and healthcare markets, designing custom solutions to improve efficiency at its customers.
74GF Score
Get the complete analysis for BSP:Z1BR34
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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