DERM (Journey Medical) Beneish M-Score: -2.33 (As of Jun. 25, 2026)

What is Journey Medical Beneish M-Score?

Journey Medical DERM +2.39% 63 Beneish M-Score is -2.33 as of Jun. 25, 2026. GuruFocus rates DERM with a GF Score™ of 63/100 and a GF Value™ of $4.17 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 911 Drug Manufacturers companies, Journey Medical ranks worse than 62.57% 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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DERM' s Beneish M-Score Range Over the Past 10 Years
Min: -4.94 Med: -3.03 Max: -0.92
Current: -2.33

During the past 7 years, the highest Beneish M-Score of Journey Medical was -0.92. The lowest was -4.94. And the median was -3.03.

Journey Medical Beneish M-Score Related Terms

Journey Medical Beneish M-Score Historical Data

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The historical data trend for Journey 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.

Journey Medical Beneish M-Score Chart

Journey Medical Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.00

-2.91

-3.22

-0.92

Journey Medical 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															-1.55	-2.33	-2.23	-0.92	-2.33

DERM vs LFCR, ANIK, ASRT: Beneish M-Score Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Journey 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.

Journey Medical Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Journey Medical's Beneish M-Score distribution charts can be found below:

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

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63GF Score

Journey Medical Corp DERM

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

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Journey 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 Journey 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 * 1.2057

0.528 * 0.9937

0.404 * 0.798

0.892 * 1.15

0.115 * 0.9739

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9015

4.679 * -0.030612

0.327 * 0.8884

-2.33

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $24.99 Mil.
Revenue was 15.961 + 16.079 + 17.631 + 15.009 = $64.68 Mil.
Gross Profit was 9.743 + 10.639 + 11.876 + 10.07 = $42.33 Mil.
Total Current Assets was $64.97 Mil.
Total Assets was $91.53 Mil.
Property, Plant and Equipment(Net PPE) was $0.09 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.41 Mil.
Selling, General, & Admin. Expense(SGA) was $43.91 Mil.
Total Current Liabilities was $37.83 Mil.
Long-Term Debt & Capital Lease Obligation was $22.87 Mil.
Net Income was -2.23 + -1.247 + -2.315 + -3.796 = $-9.59 Mil.
Non Operating Income was -0.003 + -0.019 + -0.003 + -0.061 = $-0.09 Mil.
Cash Flow from Operations was 2.909 + -6.284 + -2.383 + -0.942 = $-6.70 Mil.

Total Receivables was $18.03 Mil.
Revenue was 13.139 + 13.62 + 14.629 + 14.855 = $56.24 Mil.
Gross Profit was 8.349 + 8.94 + 10.158 + 9.128 = $36.58 Mil.
Total Current Assets was $53.99 Mil.
Total Assets was $84.96 Mil.
Property, Plant and Equipment(Net PPE) was $0.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.77 Mil.
Selling, General, & Admin. Expense(SGA) was $42.35 Mil.
Total Current Liabilities was $40.22 Mil.
Long-Term Debt & Capital Lease Obligation was $23.20 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)
	=	(24.992 / 64.68)	/	(18.025 / 56.243)
	=	0.386395	/	0.320484
	=	1.2057

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)
	=	(36.575 / 56.243)	/	(42.328 / 64.68)
	=	0.650303	/	0.654422
	=	0.9937

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 - (64.967 + 0.088) / 91.534)	/	(1 - (53.986 + 0.178) / 84.962)
	=	0.28928	/	0.362491
	=	0.798

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
	=	64.68	/	56.243
	=	1.15

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))
	=	(3.765 / (3.765 + 0.178))	/	(4.409 / (4.409 + 0.088))
	=	0.954857	/	0.980431
	=	0.9739

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)
	=	(43.908 / 64.68)	/	(42.353 / 56.243)
	=	0.67885	/	0.753036
	=	0.9015

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)
	=	((22.873 + 37.83) / 91.534)	/	((23.199 + 40.222) / 84.962)
	=	0.663174	/	0.746463
	=	0.8884

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
	=	(-9.588 - -0.086	-	-6.7)	/	91.534
	=	-0.030612

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.

Journey Medical has a M-score of -2.33 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 -2.33 mean?

Journey Medical (DERM) has a Beneish M-Score of -2.33 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Journey Medical and its competitors. According to the industry distribution chart, Journey Medical ranks #570 out of 911 companies in the Drug Manufacturers industry, placing it in the top 62.6%.

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

Journey Medical's current Beneish M-Score is -2.33. Based on the distribution chart, Journey Medical ranks #570 out of 911 companies in the Drug Manufacturers industry, which is below the industry midpoint. Overall, Journey Medical has a GF Score™ of 63/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Journey Medical's Beneish M-Score compare to LFCR and ANIK?

According to the Drug Manufacturers industry distribution chart, Journey Medical ranks #570 out of 911 companies for Beneish M-Score. This places Journey 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 Drug Manufacturers company?

A good Beneish M-Score depends on the Drug Manufacturers 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 Journey Medical and its competitors. Journey Medical's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Journey Medical stock overvalued right now?

Based on GuruFocus' analysis, Journey Medical (DERM) is currently considered Significantly Overvalued. The stock's GF Value™ is $4.17, compared to a current price of $6.85 — trading 64.3% above its estimated fair value. The current Beneish M-Score is -2.33. Journey Medical's overall GF Score™ is 63/100 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 Journey Medical (DERM), the current Beneish M-Score is -2.33 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 Journey Medical (DERM) Overvalued in 2026?

Based on GuruFocus' analysis, Journey Medical stock appears to be overvalued. The current stock price of $6.85 is trading 64.3% above its estimated GF Value™ of $4.17. GuruFocus considers Journey Medical to be Significantly Overvalued.

Key valuation signals for DERM:

Beneish M-Score: -2.33
GF Value™: $4.17 vs. price of $6.85 (64.3% above fair value)
GF Score™: 63/100 with 3 warning signs

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

Journey Medical Business Description

Industry Healthcare Drug Manufacturers

Comparable Companies LFCR ANIK ASRT NIKA CPIX CTOR AKBA INCR BGM TKNO XTER:MRK TSE:4502 XSWX:GALD SHSE:600276 NSE:SUNPHARMA XTAE:TEVA LSE:HLN XSWX:SDZ ZTS HKSE:03692

Address 9237 E Via de Ventura Boulevard, Suite 105, Scottsdale, AZ, USA, 85258

Website https://www.jmcderm.com

Journey Medical Corp is a commercial-stage pharmaceutical company that focuses on the selling and marketing of U.S. Food and Drug Administration (FDA) approved prescription pharmaceutical products for the treatment of dermatological conditions. Its current product portfolio includes FDA-approved prescription drugs for dermatological conditions that are marketed in the U.S. The company views its operations and manages its business in one segment, which reflects products for the treatment of dermatological conditions. The dermatological segment derives revenues from the sale of branded and authorized general prescription products that treat certain dermatological conditions.

63GF Score

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

$6.85

Price

$4.17

GF Value

View DERM Analysis

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