COCH (Envoy Medical) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Envoy Medical Beneish M-Score?

Envoy Medical COCH +5.76% 24 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates COCH with a GF Score™ of 24/100 and a GF Value™ of $1.14 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 766 Medical Devices & Instruments companies, Envoy Medical ranks worse than 130548.17% 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.

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

During the past 5 years, the highest Beneish M-Score of Envoy Medical was -6.37. The lowest was -6.37. And the median was -6.37.

Envoy Medical Beneish M-Score Related Terms

Envoy Medical Beneish M-Score Historical Data

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The historical data trend for Envoy Medical'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.

Envoy Medical Beneish M-Score Chart

Envoy Medical Annual Data

Trend

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

0.00

-6.37

Envoy Medical Quarterly Data
	Dec21	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												0.00	0.00	0.00	-6.37	0.00

COCH vs ELUT, SRTS, BDMD: Beneish M-Score Comparison

For the Medical Devices subindustry, Envoy Medical'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.

Envoy Medical Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Envoy Medical's Beneish M-Score distribution charts can be found below:

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

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Envoy Medical Inc COCH

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

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Envoy Medical 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 Envoy Medical 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $0.05 Mil.
Revenue was 0.039 + 0.075 + 0.042 + 0.078 = $0.23 Mil.
Gross Profit was -0.274 + -0.136 + -0.161 + -0.156 = $-0.73 Mil.
Total Current Assets was $27.68 Mil.
Total Assets was $29.82 Mil.
Property, Plant and Equipment(Net PPE) was $1.82 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.31 Mil.
Selling, General, & Admin. Expense(SGA) was $9.02 Mil.
Total Current Liabilities was $12.21 Mil.
Long-Term Debt & Capital Lease Obligation was $0.71 Mil.
Net Income was -4.351 + -6.586 + -6.482 + -5.69 = $-23.11 Mil.
Non Operating Income was 1.608 + -0.201 + -0.303 + 0.004 = $1.11 Mil.
Cash Flow from Operations was -6.061 + -5.685 + -4.331 + -4.46 = $-20.54 Mil.

Total Receivables was $0.07 Mil.
Revenue was 0.046 + 0.042 + 0.056 + 0.068 = $0.21 Mil.
Gross Profit was -0.18 + -0.115 + -0.131 + -0.177 = $-0.60 Mil.
Total Current Assets was $8.31 Mil.
Total Assets was $10.39 Mil.
Property, Plant and Equipment(Net PPE) was $2.07 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.20 Mil.
Selling, General, & Admin. Expense(SGA) was $8.31 Mil.
Total Current Liabilities was $7.60 Mil.
Long-Term Debt & Capital Lease Obligation was $23.88 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)
	=	(0.048 / 0.234)	/	(0.065 / 0.212)
	=	0.205128	/	0.306604
	=

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)
	=	(-0.603 / 0.212)	/	(-0.727 / 0.234)
	=	-2.84434	/	-3.106838
	=

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 - (27.682 + 1.815) / 29.822)	/	(1 - (8.312 + 2.073) / 10.385)
	=	0.010898	/	0
	=

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
	=	0.234	/	0.212
	=

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))
	=	(0.2 / (0.2 + 2.073))	/	(0.314 / (0.314 + 1.815))
	=	0.087989	/	0.147487
	=

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)
	=	(9.015 / 0.234)	/	(8.31 / 0.212)
	=	38.525641	/	39.198113
	=

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)
	=	((0.711 + 12.211) / 29.822)	/	((23.884 + 7.595) / 10.385)
	=	0.433304	/	3.031199
	=

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
	=	(-23.109 - 1.108	-	-20.537)	/	29.822
	=	-0.123399

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Envoy Medical (COCH) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Envoy Medical and its competitors. According to the industry distribution chart, Envoy Medical ranks #999999 out of 766 companies in the Medical Devices & Instruments industry.

Is Envoy Medical's Beneish M-Score too high?

Envoy Medical's current Beneish M-Score is 0.00. Based on the distribution chart, Envoy Medical ranks #999999 out of 766 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, Envoy Medical has a GF Score™ of 24/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Envoy Medical's Beneish M-Score compare to ELUT and SRTS?

According to the Medical Devices & Instruments industry distribution chart, Envoy Medical ranks #999999 out of 766 companies for Beneish M-Score. This places Envoy Medical 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 Medical Devices & Instruments company?

A good Beneish M-Score depends on the Medical Devices & Instruments 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 Envoy Medical and its competitors. Envoy Medical's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Envoy Medical stock overvalued right now?

Based on GuruFocus' analysis, Envoy Medical (COCH) is currently considered Possible Value Trap. The stock's GF Value™ is $1.14, compared to a current price of $0.67 — trading 41.1% below its estimated fair value. The current Beneish M-Score is 0.00. Envoy Medical's overall GF Score™ is 24/100 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 Envoy Medical (COCH), the current Beneish M-Score is 0.00 as of Jun. 25, 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 Envoy Medical (COCH) Overvalued in 2026?

Based on GuruFocus' analysis, Envoy Medical stock appears to be undervalued. The current stock price of $0.67 is trading 41.1% below its estimated GF Value™ of $1.14. GuruFocus considers Envoy Medical to be Possible Value Trap.

Key valuation signals for COCH:

Beneish M-Score: 0.00
GF Value™: $1.14 vs. price of $0.67 (41.1% below fair value)
GF Score™: 24/100 with 6 warning signs

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

Envoy Medical Business Description

Industry Healthcare Medical Devices & Instruments

Comparable Companies ELUT SRTS BDMD POSC ARAY PAVM TELA XTNT NSPR MYO ABT SYK MDT BSX EW XTER:SHL DXCM GEHC SZSE:300760 XAMS:PHIA

Address 4875 White Bear Parkway, White Bear Lake, MN, USA, 55110

Website https://www.envoymedical.com

Envoy Medical Inc is a hearing health company focused on providing medical technologies across the hearing loss spectrum. Its product portfolio comprises: the Esteem FI-AMEI, a fully implanted active middle ear implant (FI -AMEI) that works with the ear's natural anatomy, and is FDA-approved for adults with moderate to severe sensorineural hearing loss; and Acclaim CI, an investigational cochlear implant under development. The company derives all of its revenue substantially from the sale of the Esteem FI-AMEI implants and their replacement components. It has one reportable segment: hearing.

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$0.67

Price

$1.14

GF Value

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