DFPH (DFP Holdings) Beneish M-Score: 7.55 (As of Jun. 28, 2026) — Near Median


DFPH DFP Holdings Ltd DFPH
22 GF Score
Price $2.01
! 4 Warning Signs
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What is DFP Holdings Beneish M-Score?

DFP Holdings DFPH 22 Beneish M-Score is 7.55 as of Jun. 28, 2026, which is at its 10-year median of 7.55. GuruFocus rates DFPH with a GF Score™ of 22/100. The stock has 4 warning signs investors should review.

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 7.55 higher than -1.78, which implies that the company might have manipulated its financial results.

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

DFPH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.5   Med: 7.55   Max: 8.36
Current: 7.55

During the past 3 years, the highest Beneish M-Score of DFP Holdings was 8.36. The lowest was -2.50. And the median was 7.55.

DFP Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for DFP 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.

DFP Holdings Beneish M-Score Chart

DFP Holdings Annual Data
Trend Sep23 Sep24 Sep25
Beneish M-Score
0.00 0.00 -2.50

DFP Holdings Quarterly Data
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 0.00 0.00 -2.50 8.36 7.55

DFPH vs VSTA, KLC, GOTU: Beneish M-Score Comparison

For the Education & Training Services subindustry, DFP 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.

DFP Holdings Beneish M-Score vs Education Industry

For the Education industry and Consumer Defensive sector, DFP Holdings's Beneish M-Score distribution charts can be found below:

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


DFPH
22GF Score
DFP Holdings Ltd DFPH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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DFP Holdings 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 DFP 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 * 1+0.528 * 1.6771+0.404 * 27.8249+0.892 * 0.5766+0.115 * 0.1357
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.7036+4.679 * -0.039825-0.327 * 2.1511
=7.55

* 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 $0.07 Mil.
Revenue was 0.365 + 0.121 + 0.221 + 0.241 = $0.95 Mil.
Gross Profit was 0.079 + 0.023 + 0.134 + 0.146 = $0.38 Mil.
Total Current Assets was $1.35 Mil.
Total Assets was $1.83 Mil.
Property, Plant and Equipment(Net PPE) was $0.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.17 Mil.
Selling, General, & Admin. Expense(SGA) was $1.28 Mil.
Total Current Liabilities was $0.69 Mil.
Long-Term Debt & Capital Lease Obligation was $0.03 Mil.
Net Income was -0.217 + -0.226 + -0.113 + -0.321 = $-0.88 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.205 + -0.11 + -0.09 + -0.399 = $-0.80 Mil.
 Total Receivables was $0.00 Mil.
Revenue was 0.248 + 0.443 + 0.514 + 0.439 = $1.64 Mil.
Gross Profit was 0.157 + 0.32 + 0.343 + 0.291 = $1.11 Mil.
Total Current Assets was $1.96 Mil.
Total Assets was $2.21 Mil.
Property, Plant and Equipment(Net PPE) was $0.24 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $1.31 Mil.
Total Current Liabilities was $0.31 Mil.
Long-Term Debt & Capital Lease Obligation was $0.10 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)
=(0.065 / 0.948) / (0 / 1.644)
=0.068565 / 0
=1

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)
=(1.111 / 1.644) / (0.382 / 0.948)
=0.675791 / 0.402954
=1.6771

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 - (1.351 + 0.182) / 1.833) / (1 - (1.957 + 0.24) / 2.21)
=0.163666 / 0.005882
=27.8249

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
=0.948 / 1.644
=0.5766

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))
=(0.017 / (0.017 + 0.24)) / (0.173 / (0.173 + 0.182))
=0.066148 / 0.487324
=0.1357

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)
=(1.282 / 0.948) / (1.305 / 1.644)
=1.352321 / 0.793796
=1.7036

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)
=((0.025 + 0.694) / 1.833) / ((0.095 + 0.308) / 2.21)
=0.392253 / 0.182353
=2.1511

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
=(-0.877 - 0 - -0.804) / 1.833
=-0.039825

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.

DFP Holdings has a M-score of 7.55 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 7.55 mean?
DFP Holdings (DFPH) has a Beneish M-Score of 7.55 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DFP Holdings and its competitors. This is near median its historical median of 7.55.
Is DFP Holdings' Beneish M-Score too high?
DFP Holdings' current Beneish M-Score of 7.55 is near median its 10-year median of 7.55. Overall, DFP Holdings has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does DFP Holdings' Beneish M-Score compare to VSTA and KLC?
DFP Holdings' Beneish M-Score of 7.55 can be compared against companies in the Education 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 an Education company?
A good Beneish M-Score depends on the Education 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 DFP Holdings and its competitors. DFP Holdings's current Beneish M-Score is 7.55, which is near median its own 10-year median of 7.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DFP Holdings stock overvalued right now?
DFP Holdings (DFPH) has a current Beneish M-Score of 7.55. The current Beneish M-Score is 7.55, which is near median its 10-year median of 7.55. DFP Holdings' overall GF Score™ is 22/100 with 4 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 DFP Holdings (DFPH), the current Beneish M-Score is 7.55 as of Jun. 28, 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.

DFP Holdings Business Description

Address Nangang Road, 1st Floor, No. 22, Lane 50, Section 3, Nangang District, Taipei, TWN, 115607
DFP Holdings Ltd is an educational service company with principal business operations in Taiwan, providing both online and offline educational services. The Company offers a wide array of programs and courses centered on business development and management training and self-media production. It also offers various membership tiers to suit members' diverse needs and provides a platform for members to exchange business information and to host or attend meetings or events to facilitate business opportunities.
22GF Score

Get the complete analysis for DFPH

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

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