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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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Xerox Holdings's Beneish M-Score or its related term are showing as below:
BUE:XROX'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.59 Max: -1.93
Current: -2.77
During the past 13 years, the highest Beneish M-Score of Xerox Holdings was -1.93. The lowest was -3.04. And the median was -2.59.
Xerox Holdings Beneish M-Score Related Terms
Xerox Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Xerox Holdings'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.
BUE:XROX vs ACTG, ACCO, EBF: Beneish M-Score Comparison
For the Business Equipment & Supplies subindustry, Xerox Holdings'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.
Xerox Holdings Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Xerox Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xerox Holdings'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 Xerox Holdings 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 * 0.948
+
0.528 * 1.1484
+
0.404 * 0.9225
+
0.892 * 1.6632
+
0.115 * 1.0365
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9285
+
4.679 * -0.101838
-
0.327 * 1.1624
=
-2.40
* 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))
=
(270846.214 / (270846.214 + 472254.363))
/
(508113.451 / (508113.451 + 936824.211))
=
0.364481
/
0.351651
=
1.0365
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
=
(-1410710.577 - -245750.389
-
245032.291)
/
13845422.887
=
-0.101838
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.
Xerox Holdings has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
Xerox Holdings (BUE:XROX) has a Beneish M-Score of -2.77 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Xerox Holdings and its competitors. According to the industry distribution chart, Xerox Holdings ranks #658 out of 2910 companies in the Industrial Products industry, placing it in the top 22.6%.
Is Xerox Holdings' Beneish M-Score too high?
Xerox Holdings' current Beneish M-Score is -2.77. Based on the distribution chart, Xerox Holdings ranks #658 out of 2910 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Xerox Holdings has a GF Score™ of 35/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Xerox Holdings' Beneish M-Score compare to ACTG and ACCO?
According to the Industrial Products industry distribution chart, Xerox Holdings ranks #658 out of 2910 companies for Beneish M-Score. This places Xerox Holdings in the top 23% 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Xerox Holdings and its competitors. Xerox Holdings's current Beneish M-Score is -2.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Xerox Holdings stock overvalued right now?
Based on GuruFocus' analysis, Xerox Holdings (BUE:XROX) is currently considered Possible Value Trap. The stock's GF Value™ is ARS16,596.27, compared to a current price of ARS4,227.50 — trading 74.5% below its estimated fair value. The current Beneish M-Score is -2.77. Xerox Holdings' overall GF Score™ is 35/100 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 Xerox Holdings (BUE:XROX), the current Beneish M-Score is -2.77 as of Jul. 16, 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 Xerox Holdings (BUE:XROX) Overvalued in 2026?
Based on GuruFocus' analysis, Xerox Holdings stock appears to be undervalued.
The current stock price of ARS4,227.50 is trading 74.5% below its estimated GF Value™ of ARS16,596.27.
GuruFocus considers Xerox Holdings to be Possible Value Trap.
Key valuation signals for BUE:XROX:
Beneish M-Score: -2.77
GF Value™: ARS16,596.27 vs. price of ARS4,227.50 (74.5% below fair value)
No single metric tells the full story. See the BUE:XROX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Xerox Holdings Corp is a workplace technology company, building and integrating services-led, software-enabled, workplace solutions for enterprises large and small. It provide advance document technology, services, software, and integrated IT infrastructure solutions for a range of customers including small and mid-sized businesses, large enterprises, governments and graphic communications providers, and for partners who serve them. Xerox serves customers globally in North America, Europe, Latin America, Brazil, Asia Pacific (APAC), the Middle East, Africa, and India.
35GF Score
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