QuinStreet (FRA:5Q8) Beneish M-Score: -2.38 (As of Aug. 03, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

FRA:5Q8 QuinStreet Inc FRA:5Q8
82 GF Score
Price €13.50
GF Value €18.37
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is QuinStreet Beneish M-Score?

QuinStreet FRA:5Q8 -3.57% 82 Beneish M-Score is -2.38 as of Aug. 03, 2026. GuruFocus rates FRA:5Q8 with a GF Score™ of 82/100 and a GF Value™ of €18.37 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 972 Media - Diversified companies, QuinStreet ranks worse than 63.27% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:5Q8' s Beneish M-Score Range Over the Past 10 Years
Min: -3.85   Med: -2.79   Max: -1.57
Current: -2.38

During the past 13 years, the highest Beneish M-Score of QuinStreet was -1.57. The lowest was -3.85. And the median was -2.79.


QuinStreet Beneish M-Score Historical Data

* Premium members only.

The historical data trend for QuinStreet'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.

QuinStreet Beneish M-Score Chart

QuinStreet Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.68 -2.76 -3.74 -2.52 -3.18

QuinStreet 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.01 -3.18 -3.69 -2.78 -2.38

FRA:5Q8 vs EVC, EEX, CRTO: Beneish M-Score Comparison

For the Advertising Agencies subindustry, QuinStreet'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.


QuinStreet Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, QuinStreet's Beneish M-Score distribution charts can be found below:

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


FRA:5Q8
82GF Score
QuinStreet Inc FRA:5Q8
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

QuinStreet 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 QuinStreet 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 * 1.1839+0.528 * 0.9295+0.404 * 1.41+0.892 * 1.0635+0.115 * 1.0134
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9184+4.679 * -0.060953-0.327 * 1.1687
=-2.45

* 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 €160 Mil.
Revenue was 299.409 + 245.82 + 243.547 + 227.201 = €1,016 Mil.
Gross Profit was 35.756 + 23.675 + 22.953 + 24.146 = €107 Mil.
Total Current Assets was €255 Mil.
Total Assets was €609 Mil.
Property, Plant and Equipment(Net PPE) was €21 Mil.
Depreciation, Depletion and Amortization(DDA) was €19 Mil.
Selling, General, & Admin. Expense(SGA) was €60 Mil.
Total Current Liabilities was €216 Mil.
Long-Term Debt & Capital Lease Obligation was €65 Mil.
Net Income was 6.368 + 42.894 + 3.864 + 2.78 = €56 Mil.
Non Operating Income was 0.014 + 0.039 + -0.004 + -0.04 = €0 Mil.
Cash Flow from Operations was 31.946 + 18.466 + 16.7 + 25.921 = €93 Mil.
Total Receivables was €127 Mil.
Revenue was 249.604 + 269.879 + 251.576 + 184.24 = €955 Mil.
Gross Profit was 25.772 + 25.55 + 25.593 + 16.195 = €93 Mil.
Total Current Assets was €211 Mil.
Total Assets was €386 Mil.
Property, Plant and Equipment(Net PPE) was €25 Mil.
Depreciation, Depletion and Amortization(DDA) was €23 Mil.
Selling, General, & Admin. Expense(SGA) was €61 Mil.
Total Current Liabilities was €145 Mil.
Long-Term Debt & Capital Lease Obligation was €7 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)
=(159.835 / 1015.977) / (126.948 / 955.299)
=0.157321 / 0.132888
=1.1839

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)
=(93.11 / 955.299) / (106.53 / 1015.977)
=0.097467 / 0.104855
=0.9295

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 - (255.331 + 21.34) / 609.258) / (1 - (211.255 + 25.263) / 385.942)
=0.545889 / 0.387167
=1.41

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
=1015.977 / 955.299
=1.0635

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))
=(23.488 / (23.488 + 25.263)) / (19.34 / (19.34 + 21.34))
=0.481795 / 0.475418
=1.0134

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)
=(59.579 / 1015.977) / (60.997 / 955.299)
=0.058642 / 0.063851
=0.9184

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)
=((65.417 + 215.586) / 609.258) / ((7.393 + 144.923) / 385.942)
=0.461222 / 0.39466
=1.1687

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
=(55.906 - 0.009 - 93.033) / 609.258
=-0.060953

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.

QuinStreet has a M-score of -2.45 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 -2.38 mean?
QuinStreet (FRA:5Q8) has a Beneish M-Score of -2.38 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on QuinStreet and its competitors. According to the industry distribution chart, QuinStreet ranks #615 out of 972 companies in the Media - Diversified industry, placing it in the top 63.3%.
Is QuinStreet's Beneish M-Score too high?
QuinStreet's current Beneish M-Score is -2.38. Based on the distribution chart, QuinStreet ranks #615 out of 972 companies in the Media - Diversified industry, which is below the industry midpoint. Overall, QuinStreet has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does QuinStreet's Beneish M-Score compare to EVC and EEX?
According to the Media - Diversified industry distribution chart, QuinStreet ranks #615 out of 972 companies for Beneish M-Score. This places QuinStreet 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 QuinStreet and its competitors. QuinStreet's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is QuinStreet stock overvalued right now?
Based on GuruFocus' analysis, QuinStreet (FRA:5Q8) is currently considered Modestly Undervalued. The stock's GF Value™ is €18.37, compared to a current price of €13.50 — trading 26.5% below its estimated fair value. The current Beneish M-Score is -2.38. QuinStreet's overall GF Score™ is 82/100 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 QuinStreet (FRA:5Q8), the current Beneish M-Score is -2.38 as of Aug. 03, 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 QuinStreet (FRA:5Q8) Overvalued in 2026?

Based on GuruFocus' analysis, QuinStreet stock appears to be undervalued. The current stock price of €13.50 is trading 26.5% below its estimated GF Value™ of €18.37. GuruFocus considers QuinStreet to be Modestly Undervalued.

Key valuation signals for FRA:5Q8:

  • Beneish M-Score: -2.38
  • GF Value™: €18.37 vs. price of €13.50 (26.5% below fair value)
  • GF Score™: 82/100 with 4 warning signs

No single metric tells the full story. See the FRA:5Q8 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


QuinStreet Business Description

Other Exchanges QNST:USA
Address 950 Tower Lane, 12th Floor, Foster City, CA, USA, 94404
QuinStreet Inc focuses on marketplaces and technologies for the financial services and home services industries. It delivers measurable and cost-effective marketing results to its clients, in the form of qualified inquiries such as clicks, leads, calls, applications, or customers. It generates revenue by delivering measurable online marketing results to the clients. Its products and services are Customer Acquisition, QuinStreet Rating Platform (QRP), and CloudControlMedia. Geographically, it operates in United States and Internationally, of which maximum revenue is derived from United States.
82GF Score

Get the complete analysis for FRA:5Q8

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

€13.50
Price
€18.37
GF Value