XtalPi Holdings (FRA:V0I) Beneish M-Score: -0.73 (As of Jun. 27, 2026)


FRA:V0I XtalPi Holdings Ltd FRA:V0I
12 GF Score
Price €0.73
! 7 Warning Signs
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What is XtalPi Holdings Beneish M-Score?

XtalPi Holdings FRA:V0I -0.68% 12 Beneish M-Score is -0.73 as of Jun. 27, 2026. GuruFocus rates FRA:V0I with a GF Score™ of 12/100. The stock has 7 warning signs investors should review. Among 633 Healthcare Providers & Services companies, XtalPi Holdings ranks worse than 93.05% 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.

Warning Sign:

Beneish M-Score -0.73 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FRA:V0I' s Beneish M-Score Range Over the Past 10 Years
Min: -3.6   Med: -2.44   Max: -0.73
Current: -0.73

During the past 5 years, the highest Beneish M-Score of XtalPi Holdings was -0.73. The lowest was -3.60. And the median was -2.44.

XtalPi Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for XtalPi 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.

XtalPi Holdings Beneish M-Score Chart

XtalPi Holdings Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.60 -2.44 -0.73

XtalPi Holdings Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -3.60 0.00 -2.44 0.00 -0.73

FRA:V0I vs VEEV, BTSG, TEM: Beneish M-Score Comparison

For the Health Information Services subindustry, XtalPi 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.

XtalPi Holdings Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, XtalPi Holdings's Beneish M-Score distribution charts can be found below:

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


FRA:V0I
12GF Score
XtalPi Holdings Ltd FRA:V0I
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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XtalPi 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 XtalPi 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 * 0.4512+0.528 * 0.6649+0.404 * 1.6626+0.892 * 2.7847+0.115 * 1.0328
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.3334+4.679 * 0.0283-0.327 * 0.9289
=-1.03

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €22.50 Mil.
Revenue was €97.32 Mil.
Gross Profit was €67.80 Mil.
Total Current Assets was €905.36 Mil.
Total Assets was €1,238.89 Mil.
Property, Plant and Equipment(Net PPE) was €45.05 Mil.
Depreciation, Depletion and Amortization(DDA) was €14.02 Mil.
Selling, General, & Admin. Expense(SGA) was €59.54 Mil.
Total Current Liabilities was €61.30 Mil.
Long-Term Debt & Capital Lease Obligation was €29.78 Mil.
Net Income was €15.01 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-20.06 Mil.
 Total Receivables was €17.91 Mil.
Revenue was €34.95 Mil.
Gross Profit was €16.19 Mil.
Total Current Assets was €434.86 Mil.
Total Assets was €571.21 Mil.
Property, Plant and Equipment(Net PPE) was €56.35 Mil.
Depreciation, Depletion and Amortization(DDA) was €18.29 Mil.
Selling, General, & Admin. Expense(SGA) was €64.13 Mil.
Total Current Liabilities was €36.69 Mil.
Long-Term Debt & Capital Lease Obligation was €8.51 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)
=(22.497 / 97.319) / (17.907 / 34.948)
=0.231168 / 0.51239
=0.4512

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)
=(16.19 / 34.948) / (67.801 / 97.319)
=0.46326 / 0.696688
=0.6649

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 - (905.357 + 45.05) / 1238.885) / (1 - (434.859 + 56.346) / 571.206)
=0.232853 / 0.140056
=1.6626

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
=97.319 / 34.948
=2.7847

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))
=(18.293 / (18.293 + 56.346)) / (14.017 / (14.017 + 45.05))
=0.245086 / 0.237307
=1.0328

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)
=(59.542 / 97.319) / (64.125 / 34.948)
=0.611823 / 1.834869
=0.3334

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)
=((29.779 + 61.3) / 1238.885) / ((8.514 + 36.691) / 571.206)
=0.073517 / 0.07914
=0.9289

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
=(15.005 - 0 - -20.056) / 1238.885
=0.0283

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.

XtalPi Holdings has a M-score of -1.03 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 -0.73 mean?
XtalPi Holdings (FRA:V0I) has a Beneish M-Score of -0.73 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on XtalPi Holdings and its competitors. According to the industry distribution chart, XtalPi Holdings ranks #589 out of 633 companies in the Healthcare Providers & Services industry, placing it in the top 93%.
Is XtalPi Holdings' Beneish M-Score too high?
XtalPi Holdings' current Beneish M-Score is -0.73. Based on the distribution chart, XtalPi Holdings ranks #589 out of 633 companies in the Healthcare Providers & Services industry, which is in the bottom quartile relative to peers. Overall, XtalPi Holdings has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does XtalPi Holdings' Beneish M-Score compare to VEEV and BTSG?
According to the Healthcare Providers & Services industry distribution chart, XtalPi Holdings ranks #589 out of 633 companies for Beneish M-Score. This places XtalPi Holdings 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 XtalPi Holdings and its competitors. XtalPi Holdings's current Beneish M-Score is -0.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is XtalPi Holdings stock overvalued right now?
XtalPi Holdings (FRA:V0I) has a current Beneish M-Score of -0.73. The current Beneish M-Score is -0.73. XtalPi Holdings' overall GF Score™ is 12/100 with 7 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 XtalPi Holdings (FRA:V0I), the current Beneish M-Score is -0.73 as of Jun. 27, 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.

XtalPi Holdings Business Description

Other Exchanges 02228:Hong Kong
Address No. 2 Hongliu Road, 3rd floor, Second Phase of the International, Biomedical Industrial Park, Futian District, Shenzhen, CHN
XtalPi Holdings Ltd is a research platform company powered by artificial intelligence (AI) and robotics. It is dedicated to driving intelligent and digital transformation in the life sciences and materials sciences sectors. The company combines quantum physics, AI, cloud computing, and large-scale robotics to provide research & development solutions, services, and products for pharmaceuticals, biotechnology, renewable energy, and materials industries globally. The company has a single segment that is intelligent robotics solutions and drug discovery solutions (including one-stop drug discovery solutions). The firm generates the majority of its revenue from Drug discovery solutions, and a smaller portion of revenue is derived from AI for Science intelligent solutions.
12GF Score

Get the complete analysis for FRA:V0I

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

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