BZAI (Blaize Holdings Inc) Beneish M-Score: 14.94 (As of Jul. 02, 2026) — 47% Below Median


BZAI Blaize Holdings Inc BZAI
12 GF Score
Price $1.35
! 6 Warning Signs
View Full Analysis

What is Blaize Holdings Inc Beneish M-Score?

Blaize Holdings Inc BZAI +1.50% 12 Beneish M-Score is 14.94 as of Jul. 02, 2026, which is 47% below its 10-year median of 28.35. GuruFocus rates BZAI with a GF Score™ of 12/100. The stock has 6 warning signs investors should review. Among 2,631 Software companies, Blaize Holdings Inc ranks worse than 98.52% 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.

Warning Sign:

Beneish M-Score 14.94 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BZAI' s Beneish M-Score Range Over the Past 10 Years
Min: 14.94   Med: 28.35   Max: 41.76
Current: 14.94

During the past 4 years, the highest Beneish M-Score of Blaize Holdings Inc was 41.76. The lowest was 14.94. And the median was 28.35.

Blaize Holdings Inc Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Blaize Holdings Inc'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.

Blaize Holdings Inc Beneish M-Score Chart

Blaize Holdings Inc Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 41.76

Blaize Holdings Inc Quarterly Data
Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 41.76 14.94

BZAI vs LMED, KLTR, ASUR: Beneish M-Score Comparison

For the Software - Application subindustry, Blaize Holdings Inc'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.

Blaize Holdings Inc Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Blaize Holdings Inc's Beneish M-Score distribution charts can be found below:

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


BZAI
12GF Score
Blaize Holdings Inc BZAI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Blaize Holdings Inc 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 Blaize Holdings Inc 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 * 0.8497+0.528 * 3.9952+0.404 * 1.2757+0.892 * 20.0611+0.115 * 0.5961
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.0879+4.679 * -0.267484-0.327 * 0.9748
=14.94

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $17.18 Mil.
Revenue was 2.738 + 23.776 + 11.867 + 1.982 = $40.36 Mil.
Gross Profit was 1.576 + 2.56 + 1.776 + 1.178 = $7.09 Mil.
Total Current Assets was $65.38 Mil.
Total Assets was $70.75 Mil.
Property, Plant and Equipment(Net PPE) was $2.69 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.19 Mil.
Selling, General, & Admin. Expense(SGA) was $56.03 Mil.
Total Current Liabilities was $26.54 Mil.
Long-Term Debt & Capital Lease Obligation was $0.64 Mil.
Net Income was -22.653 + -3.296 + -26.258 + -29.589 = $-81.80 Mil.
Non Operating Income was 0.834 + 18.051 + -3.652 + -7.667 = $7.57 Mil.
Cash Flow from Operations was -12.63 + -16.461 + -24.917 + -16.429 = $-70.44 Mil.
 Total Receivables was $1.01 Mil.
Revenue was 1.007 + 0.001 + 0.781 + 0.223 = $2.01 Mil.
Gross Profit was 0.68 + 0.461 + 0.305 + -0.034 = $1.41 Mil.
Total Current Assets was $93.54 Mil.
Total Assets was $100.20 Mil.
Property, Plant and Equipment(Net PPE) was $3.68 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.82 Mil.
Selling, General, & Admin. Expense(SGA) was $31.77 Mil.
Total Current Liabilities was $38.44 Mil.
Long-Term Debt & Capital Lease Obligation was $1.05 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)
=(17.183 / 40.363) / (1.008 / 2.012)
=0.425712 / 0.500994
=0.8497

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)
=(1.412 / 2.012) / (7.09 / 40.363)
=0.701789 / 0.175656
=3.9952

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 - (65.381 + 2.685) / 70.752) / (1 - (93.544 + 3.677) / 100.203)
=0.037964 / 0.02976
=1.2757

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
=40.363 / 2.012
=20.0611

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))
=(0.824 / (0.824 + 3.677)) / (1.19 / (1.19 + 2.685))
=0.18307 / 0.307097
=0.5961

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)
=(56.028 / 40.363) / (31.774 / 2.012)
=1.388103 / 15.792247
=0.0879

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)
=((0.64 + 26.539) / 70.752) / ((1.05 + 38.439) / 100.203)
=0.384145 / 0.39409
=0.9748

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
=(-81.796 - 7.566 - -70.437) / 70.752
=-0.267484

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.

Blaize Holdings Inc has a M-score of 14.94 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 14.94 mean?
Blaize Holdings Inc (BZAI) has a Beneish M-Score of 14.94 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Blaize Holdings Inc and its competitors. This is 47% below median its historical median of 28.35. Over the past decade, Blaize Holdings Inc's Beneish M-Score has ranged from 14.94 to 41.76. According to the industry distribution chart, Blaize Holdings Inc ranks #2592 out of 2631 companies in the Software industry, placing it in the top 98.5%.
Is Blaize Holdings Inc's Beneish M-Score too high?
Blaize Holdings Inc's current Beneish M-Score of 14.94 is 47% below median its 10-year median of 28.35. Over the past 10 years, this metric has ranged from a low of 14.94 to a high of 41.76. Based on the distribution chart, Blaize Holdings Inc ranks #2592 out of 2631 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Blaize Holdings Inc has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Blaize Holdings Inc's Beneish M-Score compare to LMED and KLTR?
According to the Software industry distribution chart, Blaize Holdings Inc ranks #2592 out of 2631 companies for Beneish M-Score. This places Blaize Holdings Inc in the lower half of its industry. Historically, Blaize Holdings Inc's own Beneish M-Score has ranged from 14.94 to 41.76 over the past decade. 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 Software company?
A good Beneish M-Score depends on the Software 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 Blaize Holdings Inc and its competitors. Blaize Holdings Inc's current Beneish M-Score is 14.94, which is 47% below median its own 10-year median of 28.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Blaize Holdings Inc stock overvalued right now?
Blaize Holdings Inc (BZAI) has a current Beneish M-Score of 14.94. The current Beneish M-Score is 14.94, which is 47% below median its 10-year median of 28.35. Blaize Holdings Inc's overall GF Score™ is 12/100 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 Blaize Holdings Inc (BZAI), the current Beneish M-Score is 14.94 as of Jul. 02, 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.

Blaize Holdings Inc Business Description

Address 4659 Golden Foothill Parkway, Suite 206, El Dorado Hills, California, CA, USA, 95762
Blaize Holdings Inc provides transformative artificial intelligence (AI)-enabled edge computing solutions comprised of both its proprietary hardware and software, and third-party hardware solutions. Its portfolio includes programmable AI processors in various form factors, which can be deployed across sectors such as smart cities, defense, retail, and enterprise markets. The company operates as a single operating and reportable segment. The majority of the company's revenue is derived from Hardware revenue, which includes the sale of its semiconductor products and/or third-party hardware products that support semiconductor products through various supply agreements. Geographically, it generates the maximum revenue from China.
12GF Score

Get the complete analysis for BZAI

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

$1.35
Price