DLX (Deluxe) Beneish M-Score: -2.67 (As of Jun. 25, 2026)

What is Deluxe Beneish M-Score?

Deluxe DLX +3.75% 69 Beneish M-Score is -2.67 as of Jun. 25, 2026. GuruFocus rates DLX with a GF Score™ of 69/100 and a GF Value™ of $18.38 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 538 Conglomerates companies, Deluxe ranks better than 66.36% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DLX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27 Med: -2.53 Max: -1.53
Current: -2.67

During the past 13 years, the highest Beneish M-Score of Deluxe was -1.53. The lowest was -3.27. And the median was -2.53.

Deluxe Beneish M-Score Related Terms

Deluxe Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Deluxe'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.

Deluxe Beneish M-Score Chart

Deluxe Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.37

-2.96

-2.78

-2.73

-2.66

Deluxe 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															-2.73	-2.72	-2.58	-2.66	-2.67

DLX vs AIAI, CODI, TTI: Beneish M-Score Comparison

For the Conglomerates subindustry, Deluxe'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.

Deluxe Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Deluxe's Beneish M-Score distribution charts can be found below:

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

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69GF Score

Deluxe Corp DLX

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

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Deluxe 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 Deluxe 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 * 1.0752

0.528 * 1.0009

0.404 * 0.9933

0.892 * 1.0054

0.115 * 1.0159

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9471

4.679 * -0.063456

0.327 * 0.9339

-2.67

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $219 Mil.
Revenue was 538.1 + 535.22 + 540.247 + 521.262 = $2,135 Mil.
Gross Profit was 279.4 + 279.28 + 291.109 + 279.264 = $1,129 Mil.
Total Current Assets was $393 Mil.
Total Assets was $2,556 Mil.
Property, Plant and Equipment(Net PPE) was $140 Mil.
Depreciation, Depletion and Amortization(DDA) was $139 Mil.
Selling, General, & Admin. Expense(SGA) was $857 Mil.
Total Current Liabilities was $342 Mil.
Long-Term Debt & Capital Lease Obligation was $1,419 Mil.
Net Income was 35.8 + 11.974 + 33.729 + 22.385 = $104 Mil.
Non Operating Income was 4.2 + -7.871 + -1.005 + -2.224 = $-7 Mil.
Cash Flow from Operations was 52.7 + 102.079 + 67.147 + 51.074 = $273 Mil.

Total Receivables was $202 Mil.
Revenue was 536.5 + 520.585 + 528.444 + 537.816 = $2,123 Mil.
Gross Profit was 281 + 272.305 + 281.867 + 288.79 = $1,124 Mil.
Total Current Assets was $368 Mil.
Total Assets was $2,574 Mil.
Property, Plant and Equipment(Net PPE) was $155 Mil.
Depreciation, Depletion and Amortization(DDA) was $159 Mil.
Selling, General, & Admin. Expense(SGA) was $900 Mil.
Total Current Liabilities was $397 Mil.
Long-Term Debt & Capital Lease Obligation was $1,502 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)
	=	(218.7 / 2134.829)	/	(202.318 / 2123.345)
	=	0.102444	/	0.095283
	=	1.0752

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)
	=	(1123.962 / 2123.345)	/	(1129.053 / 2134.829)
	=	0.529336	/	0.528873
	=	1.0009

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 - (392.6 + 140.1) / 2556.3)	/	(1 - (367.622 + 154.975) / 2573.817)
	=	0.791613	/	0.796956
	=	0.9933

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
	=	2134.829	/	2123.345
	=	1.0054

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))
	=	(159.053 / (159.053 + 154.975))	/	(139.3 / (139.3 + 140.1))
	=	0.506493	/	0.498568
	=	1.0159

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)
	=	(857.288 / 2134.829)	/	(900.305 / 2123.345)
	=	0.401572	/	0.424003
	=	0.9471

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)
	=	((1419.4 + 342.1) / 2556.3)	/	((1502.273 + 396.748) / 2573.817)
	=	0.689082	/	0.737823
	=	0.9339

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
	=	(103.888 - -6.9	-	273)	/	2556.3
	=	-0.063456

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.

Deluxe has a M-score of -2.67 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 -2.67 mean?

Deluxe (DLX) has a Beneish M-Score of -2.67 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Deluxe and its competitors. According to the industry distribution chart, Deluxe ranks #181 out of 538 companies in the Conglomerates industry, placing it in the top 33.6%.

Is Deluxe's Beneish M-Score too high?

Deluxe's current Beneish M-Score is -2.67. Based on the distribution chart, Deluxe ranks #181 out of 538 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Deluxe has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Deluxe's Beneish M-Score compare to AIAI and CODI?

According to the Conglomerates industry distribution chart, Deluxe ranks #181 out of 538 companies for Beneish M-Score. This puts Deluxe in the upper 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 Conglomerates company?

A good Beneish M-Score depends on the Conglomerates 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 Deluxe and its competitors. Deluxe's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Deluxe stock overvalued right now?

Based on GuruFocus' analysis, Deluxe (DLX) is currently considered Modestly Overvalued. The stock's GF Value™ is $18.38, compared to a current price of $23.50 — trading 27.9% above its estimated fair value. The current Beneish M-Score is -2.67. Deluxe's overall GF Score™ is 69/100 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 Deluxe (DLX), the current Beneish M-Score is -2.67 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 Deluxe (DLX) Overvalued in 2026?

Based on GuruFocus' analysis, Deluxe stock appears to be overvalued. The current stock price of $23.50 is trading 27.9% above its estimated GF Value™ of $18.38. GuruFocus considers Deluxe to be Modestly Overvalued.

Key valuation signals for DLX:

Beneish M-Score: -2.67
GF Value™: $18.38 vs. price of $23.50 (27.9% above fair value)
GF Score™: 69/100 with 3 warning signs

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

Deluxe Business Description

Industry Industrials Conglomerates

Comparable Companies AIAI CODI TTI MATW FBYD FIP TRC BOC TUSK NNBR ADX:IHC HON TSE:6501 TSE:8058 TSE:8031 TSE:8001 MMM TSE:8002 TSE:8053 TSE:5803

Other Exchanges DL8:Germany

Address 801 S. Marquette Avenue, Minneapolis, MN, USA, 55402-2807

Website https://www.deluxe.com

Deluxe Corp is principally a payments and data company. Its reportable segments are: Merchant Services, B2B Payments, Data Solutions, and Print. Maximum revenue is derived from its Print segment, which provides printed personal and business checks, business essentials, as well as branded promotional, print, apparel, and digital storefront solutions. The Merchant Services segment provides electronic credit and debit card authorization, payment systems, and processing services. The B2B segment offers treasury management solutions, integrated accounts payable disbursements, and fraud and security services, and the Data Solutions segment offers data, analytics, and marketing services, as well as financial institution profitability reporting and business incorporation services.

69GF Score

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

$23.50

Price

$18.38

GF Value

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