Zealand Pharma ASCHIX:ZEALC 58 Beneish M-Score is 144.65 as of Jun. 26, 2026, which is 240983% above its 10-year median of 0.06. GuruFocus rates CHIX:ZEALC with a GF Score™ of 58/100 and a GF Value™ of kr12,477.77 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 831 Biotechnology companies, Zealand Pharma AS ranks worse than 98.92% 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 144.65 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Zealand Pharma AS's Beneish M-Score or its related term are showing as below:
CHIX:ZEALc'
s Beneish M-Score Range Over the Past 10 Years
Min: -5.02 Med: 0.06 Max: 144.65
Current: 144.65
During the past 13 years, the highest Beneish M-Score of Zealand Pharma AS was 144.65. The lowest was -5.02. And the median was 0.06.
Zealand Pharma AS Beneish M-Score Related Terms
Zealand Pharma AS Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Zealand Pharma AS'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.
CHIX:ZEALC vs VRTX, REGN, ALNY: Beneish M-Score Comparison
For the Biotechnology subindustry, Zealand Pharma AS'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.
Zealand Pharma AS Beneish M-Score vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Zealand Pharma AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zealand Pharma AS'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 Zealand Pharma AS 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 * 0.0084
+
0.528 * 0.9411
+
0.404 * 2.0547
+
0.892 * 166.1949
+
0.115 * 0.9553
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.0065
+
4.679 * 0.002315
-
0.327 * 0.6399
=
144.65
* 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))
=
(24.229 / (24.229 + 129.619))
/
(32.372 / (32.372 + 164))
=
0.157487
/
0.16485
=
0.9553
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
=
(6396.349 - 0
-
6360.933)
/
15301
=
0.002315
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.
Zealand Pharma AS has a M-score of 144.65 signals that the company is likely to be a manipulator.
Zealand Pharma AS (CHIX:ZEALC) has a Beneish M-Score of 144.65 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zealand Pharma AS and its competitors. This is 240983% above median its historical median of 0.06. According to the industry distribution chart, Zealand Pharma AS ranks #822 out of 831 companies in the Biotechnology industry, placing it in the top 98.9%.
Is Zealand Pharma AS's Beneish M-Score too high?
Zealand Pharma AS's current Beneish M-Score of 144.65 is 240983% above median its 10-year median of 0.06. Based on the distribution chart, Zealand Pharma AS ranks #822 out of 831 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Zealand Pharma AS has a GF Score™ of 58/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Zealand Pharma AS's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Zealand Pharma AS ranks #822 out of 831 companies for Beneish M-Score. This places Zealand Pharma AS in the lower 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 Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 Zealand Pharma AS and its competitors. Zealand Pharma AS's current Beneish M-Score is 144.65, which is 240983% above median its own 10-year median of 0.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zealand Pharma AS stock overvalued right now?
Based on GuruFocus' analysis, Zealand Pharma AS (CHIX:ZEALC) is currently considered Possible Value Trap. The stock's GF Value™ is kr12,477.77, compared to a current price of kr278.70 — trading 97.8% below its estimated fair value. The current Beneish M-Score is 144.65, which is 240983% above median its 10-year median of 0.06. Zealand Pharma AS's overall GF Score™ is 58/100 with 3 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 Zealand Pharma AS (CHIX:ZEALC), the current Beneish M-Score is 144.65 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 Zealand Pharma AS (CHIX:ZEALC) Overvalued in 2026?
Based on GuruFocus' analysis, Zealand Pharma AS stock appears to be undervalued.
The current stock price of kr278.70 is trading 97.8% below its estimated GF Value™ of kr12,477.77.
GuruFocus considers Zealand Pharma AS to be Possible Value Trap.
Key valuation signals for CHIX:ZEALC:
Beneish M-Score: 144.65 (240983% above median its 10-year median of 0.06)
GF Value™: kr12,477.77 vs. price of kr278.70 (97.8% below fair value)
No single metric tells the full story. See the CHIX:ZEALC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Zealand Pharma AS is a biotechnology company. It is focused on the discovery, design, and development of peptide-based medicines. The company's product pipeline includes three product candidates in clinical development: glepaglutide, which is being developed to treat short bowel syndrome or SBS; dasiglucagon formulated for use in a dual-hormone artificial pancreas system for diabetes management; and dasiglucagon for use in the treatment of congenital hyperinsulinism. The company has out-licensed a peptide program to Boehringer Ingelheim that has been moved ahead into early clinical development: a once-weekly novel dual-acting GLP-1/glucagon agonist for the treatment of obesity and/or Type 2 diabetes.
58GF Score
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