Biote (BTMD) Beneish M-Score: -3.58 (As of Jun. 26, 2026)

What is Biote Beneish M-Score?

Biote BTMD -6.67% 70 Beneish M-Score is -3.58 as of Jun. 26, 2026. GuruFocus rates BTMD with a GF Score™ of 70/100 and a GF Value™ of $3.07 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 633 Healthcare Providers & Services companies, Biote ranks better than 90.84% 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 -3.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BTMD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.66 Med: -3.19 Max: -1.33
Current: -3.58

During the past 7 years, the highest Beneish M-Score of Biote was -1.33. The lowest was -3.66. And the median was -3.19.

Biote Beneish M-Score Related Terms

Biote Beneish M-Score Historical Data

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The historical data trend for Biote'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.

Biote Beneish M-Score Chart

Biote Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.00

-1.37

-3.12

-3.40

Biote 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															-3.47	-3.24	-3.14	-3.40	-3.58

BTMD vs DCGO, PIII, PARK: Beneish M-Score Comparison

For the Medical Care Facilities subindustry, Biote'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.

Biote Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Biote's Beneish M-Score distribution charts can be found below:

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

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70GF Score

Biote Corp BTMD

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Biote 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 Biote for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0094

0.528 * 1.0164

0.404 * 1.2645

0.892 * 0.9437

0.115 * 1.0899

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9804

4.679 * -0.241408

0.327 * 1.1906

-3.58

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $7.4 Mil.
Revenue was 44.935 + 46.408 + 47.956 + 48.863 = $188.2 Mil.
Gross Profit was 30.953 + 31.573 + 34.418 + 34.988 = $131.9 Mil.
Total Current Assets was $36.4 Mil.
Total Assets was $89.0 Mil.
Property, Plant and Equipment(Net PPE) was $13.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.8 Mil.
Selling, General, & Admin. Expense(SGA) was $102.9 Mil.
Total Current Liabilities was $28.2 Mil.
Long-Term Debt & Capital Lease Obligation was $101.6 Mil.
Net Income was 2.277 + 1.954 + 8.188 + 3.185 = $15.6 Mil.
Non Operating Income was 2.144 + 1.245 + 2.917 + -1.838 = $4.5 Mil.
Cash Flow from Operations was 3.902 + 7.569 + 14.072 + 7.086 = $32.6 Mil.

Total Receivables was $7.8 Mil.
Revenue was 48.992 + 49.834 + 51.384 + 49.169 = $199.4 Mil.
Gross Profit was 36.382 + 35.795 + 36.106 + 33.808 = $142.1 Mil.
Total Current Assets was $68.7 Mil.
Total Assets was $123.4 Mil.
Property, Plant and Equipment(Net PPE) was $11.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.7 Mil.
Selling, General, & Admin. Expense(SGA) was $111.2 Mil.
Total Current Liabilities was $48.5 Mil.
Long-Term Debt & Capital Lease Obligation was $102.6 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)
	=	(7.397 / 188.162)	/	(7.765 / 199.379)
	=	0.039312	/	0.038946
	=	1.0094

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)
	=	(142.091 / 199.379)	/	(131.932 / 188.162)
	=	0.712668	/	0.701162
	=	1.0164

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 - (36.356 + 13.259) / 89.032)	/	(1 - (68.68 + 11.502) / 123.379)
	=	0.442728	/	0.350116
	=	1.2645

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
	=	188.162	/	199.379
	=	0.9437

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))
	=	(3.681 / (3.681 + 11.502))	/	(3.793 / (3.793 + 13.259))
	=	0.242442	/	0.222437
	=	1.0899

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)
	=	(102.905 / 188.162)	/	(111.217 / 199.379)
	=	0.546896	/	0.557817
	=	0.9804

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)
	=	((101.562 + 28.226) / 89.032)	/	((102.594 + 48.47) / 123.379)
	=	1.457768	/	1.22439
	=	1.1906

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
	=	(15.604 - 4.468	-	32.629)	/	89.032
	=	-0.241408

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.

Biote has a M-score of -3.58 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 -3.58 mean?

Biote (BTMD) has a Beneish M-Score of -3.58 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Biote and its competitors. According to the industry distribution chart, Biote ranks #58 out of 633 companies in the Healthcare Providers & Services industry, placing it in the top 9.2%.

Is Biote's Beneish M-Score too high?

Biote's current Beneish M-Score is -3.58. Based on the distribution chart, Biote ranks #58 out of 633 companies in the Healthcare Providers & Services industry, which is in the top quartile — a strong position relative to peers. Overall, Biote has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Biote's Beneish M-Score compare to DCGO and PIII?

According to the Healthcare Providers & Services industry distribution chart, Biote ranks #58 out of 633 companies for Beneish M-Score. This places Biote in the top 9% 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 Healthcare Providers & Services company?

A good Beneish M-Score depends on the Healthcare Providers & Services 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 Biote and its competitors. Biote's current Beneish M-Score is -3.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Biote stock overvalued right now?

Based on GuruFocus' analysis, Biote (BTMD) is currently considered Significantly Undervalued. The stock's GF Value™ is $3.07, compared to a current price of $1.95 — trading 36.5% below its estimated fair value. The current Beneish M-Score is -3.58. Biote's overall GF Score™ is 70/100 with 2 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 Biote (BTMD), the current Beneish M-Score is -3.58 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 Biote (BTMD) Overvalued in 2026?

Based on GuruFocus' analysis, Biote stock appears to be undervalued. The current stock price of $1.95 is trading 36.5% below its estimated GF Value™ of $3.07. GuruFocus considers Biote to be Significantly Undervalued.

Key valuation signals for BTMD:

Beneish M-Score: -3.58
GF Value™: $3.07 vs. price of $1.95 (36.5% below fair value)
GF Score™: 70/100 with 2 warning signs

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

Biote Business Description

Industry Healthcare Healthcare Providers & Services

Comparable Companies DCGO PIII PARK EHSI CDIX MAHN CCEL CCM BMGL BICX HCA XTER:FRE SAU:4013 XKLS:5225 THC BSP:RDOR3 SZSE:300015 DVA NSE:APOLLOHOSP XTER:FME

Address 1875 W. Walnut Hill Lane, Suite 100, Irving, TX, USA, 75038

Website https://www.biote.com

Biote Corp operates a growth practice-building business within the hormone optimization space. It provides the necessary components to enable Biote-certified practitioners to establish, build, and successfully implement a program designed to optimize hormone levels using personalized solutions for their patient populations. The company provides support to medical practitioners through training, practice development, and operational services to establish and manage hormone therapy centers. Its activities include educating practitioners on identifying and treating hormone-related conditions. The company generates revenues by charging the Biote-partnered clinics fees associated with the Biote Method and from the sale of Biote-branded dietary supplements.

70GF Score

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

$1.95

Price

$3.07

GF Value

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