XP (BUE:XP) Beneish M-Score: -2.38 (As of Jun. 26, 2026)

What is XP Beneish M-Score?

XP BUE:XP 71 Beneish M-Score is -2.38 as of Jun. 26, 2026. GuruFocus rates BUE:XP with a GF Score™ of 71/100. The stock has 6 warning signs investors should review. Among 702 Capital Markets companies, XP ranks better than 59.83% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUE:XP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.09 Max: 4.22
Current: -2.38

During the past 10 years, the highest Beneish M-Score of XP was 4.22. The lowest was -2.83. And the median was -2.09.

XP Beneish M-Score Related Terms

XP Beneish M-Score Historical Data

* Premium members only.

The historical data trend for XP'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.

XP Beneish M-Score Chart

XP Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-1.08

-1.42

-2.52

-2.75

-2.43

XP 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															-2.83	-2.41	-2.49	-2.43	-2.38

BUE:XP vs SNEX, FIGR, HLI: Beneish M-Score Comparison

For the Capital Markets subindustry, XP'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.

XP Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, XP's Beneish M-Score distribution charts can be found below:

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

Save Embed

XP 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 XP 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 * 1.1579

0.528 * 0.9144

0.404 * 1.1463

0.892 * 1.6244

0.115 * 1.2999

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0072

4.679 * -0.045871

0.327 * 0.9132

-1.92

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ARS10,960,907.58 Mil.
Revenue was 516828.785 + 646989.926 + 529345.049 + 384163.627 = ARS2,077,327.39 Mil.
Gross Profit was 131279.324 + 328356.494 + 106583.087 + 48642.564 = ARS614,861.47 Mil.
Total Current Assets was ARS39,627,430.34 Mil.
Total Assets was ARS105,496,361.53 Mil.
Property, Plant and Equipment(Net PPE) was ARS213,937.71 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS56,244.99 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,363,402.76 Mil.
Total Current Liabilities was ARS55,745,119.02 Mil.
Long-Term Debt & Capital Lease Obligation was ARS7,866,986.52 Mil.
Net Income was 352395.415 + 344722.559 + 334152.853 + 282356.318 = ARS1,313,627.15 Mil.
Non Operating Income was 738212.247 + 681400.831 + 658670.983 + 574433.914 = ARS2,652,717.98 Mil.
Cash Flow from Operations was 0 + -634449.394 + 3116421.82 + 1018199.394 = ARS3,500,171.82 Mil.

Total Receivables was ARS5,827,386.12 Mil.
Revenue was 305290.806 + 316510.426 + 333062.045 + 323978.27 = ARS1,278,841.55 Mil.
Gross Profit was 67760.118 + 128794.948 + 57050.94 + 92532.063 = ARS346,138.07 Mil.
Total Current Assets was ARS26,166,637.99 Mil.
Total Assets was ARS57,520,296.28 Mil.
Property, Plant and Equipment(Net PPE) was ARS126,328.14 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS46,865.66 Mil.
Selling, General, & Admin. Expense(SGA) was ARS833,315.53 Mil.
Total Current Liabilities was ARS32,470,382.40 Mil.
Long-Term Debt & Capital Lease Obligation was ARS5,511,533.58 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)
	=	(10960907.577 / 2077327.387)	/	(5827386.124 / 1278841.547)
	=	5.276447	/	4.556769
	=	1.1579

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)
	=	(346138.069 / 1278841.547)	/	(614861.469 / 2077327.387)
	=	0.270665	/	0.295987
	=	0.9144

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 - (39627430.34 + 213937.709) / 105496361.527)	/	(1 - (26166637.99 + 126328.138) / 57520296.279)
	=	0.622344	/	0.542892
	=	1.1463

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
	=	2077327.387	/	1278841.547
	=	1.6244

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))
	=	(46865.658 / (46865.658 + 126328.138))	/	(56244.989 / (56244.989 + 213937.709))
	=	0.270597	/	0.208174
	=	1.2999

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)
	=	(1363402.759 / 2077327.387)	/	(833315.533 / 1278841.547)
	=	0.656325	/	0.651618
	=	1.0072

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)
	=	((7866986.519 + 55745119.02) / 105496361.527)	/	((5511533.58 + 32470382.395) / 57520296.279)
	=	0.602979	/	0.660322
	=	0.9132

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
	=	(1313627.145 - 2652717.975	-	3500171.82)	/	105496361.527
	=	-0.045871

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.

XP has a M-score of -1.92 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 -2.38 mean?

XP (BUE:XP) has a Beneish M-Score of -2.38 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on XP and its competitors. According to the industry distribution chart, XP ranks #282 out of 702 companies in the Capital Markets industry, placing it in the top 40.2%.

Is XP's Beneish M-Score too high?

XP's current Beneish M-Score is -2.38. Based on the distribution chart, XP ranks #282 out of 702 companies in the Capital Markets industry, which is above the industry midpoint. Overall, XP has a GF Score™ of 71/100, reflecting its overall financial health beyond just this single metric.

How does XP's Beneish M-Score compare to SNEX and FIGR?

According to the Capital Markets industry distribution chart, XP ranks #282 out of 702 companies for Beneish M-Score. This puts XP 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 Capital Markets company?

A good Beneish M-Score depends on the Capital Markets 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 XP and its competitors. XP's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is XP stock overvalued right now?

XP (BUE:XP) has a current Beneish M-Score of -2.38. The current Beneish M-Score is -2.38. XP's overall GF Score™ is 71/100 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 XP (BUE:XP), the current Beneish M-Score is -2.38 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.

XP Business Description

Industry Financial Services Capital Markets

Comparable Companies SNEX FIGR HLI RIOT SF JEF BMNR GLXY MARA PIPR MS GS SCHW HOOD ASX:MQG SHSE:600030 BSP:BPAC3 SZSE:300059 IBKR SHSE:601211

Other Exchanges XP:USA XP N:Mexico 1XP:Italy XP9:Germany XPBR31:Brazil

Address 20, Genesis Close, George Town, Vila Olimpia, Grand Cayman, CYM, KY-1-1208

Website https://www.xpinc.com

XP Inc is a Cayman Island-based technology-driven financial services platform. It is a provider of low-fee financial products and services in Brazil. The company evaluates its business through a single segment such as monitoring operations, making decisions on fund allocation, and evaluating the performance. It generates revenue through the Brokerage commission. Geographically, the company derives maximum revenue from Brazil and also has its presence in other countries.