GLXG (Galaxy Payroll Group) Beneish M-Score: -2.63 (As of Jun. 26, 2026)


GLXG Galaxy Payroll Group Ltd GLXG
21 GF Score
Price $1.30
! 2 Warning Signs
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What is Galaxy Payroll Group Beneish M-Score?

Galaxy Payroll Group GLXG -2.99% 21 Beneish M-Score is -2.63 as of Jun. 26, 2026. GuruFocus rates GLXG with a GF Score™ of 21/100. The stock has 2 warning signs investors should review. Among 1,020 Business Services companies, Galaxy Payroll Group ranks better than 57.16% 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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GLXG' s Beneish M-Score Range Over the Past 10 Years
Min: -4.24   Med: -2.63   Max: -2.44
Current: -2.63

During the past 5 years, the highest Beneish M-Score of Galaxy Payroll Group was -2.44. The lowest was -4.24. And the median was -2.63.

Galaxy Payroll Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Galaxy Payroll Group'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.

Galaxy Payroll Group Beneish M-Score Chart

Galaxy Payroll Group Annual Data
Trend Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -4.24 -2.44 -2.63

Galaxy Payroll Group Semi-Annual Data
Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -2.44 0.00 -2.63 0.00

GLXG vs IPDN, RLBY, GXXM: Beneish M-Score Comparison

For the Staffing & Employment Services subindustry, Galaxy Payroll Group'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.

Galaxy Payroll Group Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Galaxy Payroll Group's Beneish M-Score distribution charts can be found below:

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


GLXG
21GF Score
Galaxy Payroll Group Ltd GLXG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Galaxy Payroll Group 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 Galaxy Payroll Group 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 * 1.33+0.528 * 1.2612+0.404 * 0+0.892 * 0.9061+0.115 * 0.7012
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.6053+4.679 * 0.002607-0.327 * 0.4064
=-2.63

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was $0.51 Mil.
Revenue was $3.50 Mil.
Gross Profit was $1.49 Mil.
Total Current Assets was $4.81 Mil.
Total Assets was $4.99 Mil.
Property, Plant and Equipment(Net PPE) was $0.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.16 Mil.
Selling, General, & Admin. Expense(SGA) was $2.61 Mil.
Total Current Liabilities was $1.50 Mil.
Long-Term Debt & Capital Lease Obligation was $0.04 Mil.
Net Income was $-3.51 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $-3.53 Mil.
 Total Receivables was $0.42 Mil.
Revenue was $3.86 Mil.
Gross Profit was $2.07 Mil.
Total Current Assets was $2.07 Mil.
Total Assets was $3.40 Mil.
Property, Plant and Equipment(Net PPE) was $0.33 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.16 Mil.
Selling, General, & Admin. Expense(SGA) was $1.11 Mil.
Total Current Liabilities was $2.42 Mil.
Long-Term Debt & Capital Lease Obligation was $0.16 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)
=(0.511 / 3.495) / (0.424 / 3.857)
=0.146209 / 0.10993
=1.33

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)
=(2.071 / 3.857) / (1.488 / 3.495)
=0.536946 / 0.425751
=1.2612

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 - (4.809 + 0.177) / 4.986) / (1 - (2.074 + 0.325) / 3.404)
=0 / 0.295241
=0

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
=3.495 / 3.857
=0.9061

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))
=(0.159 / (0.159 + 0.325)) / (0.156 / (0.156 + 0.177))
=0.328512 / 0.468468
=0.7012

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)
=(2.611 / 3.495) / (1.106 / 3.857)
=0.747067 / 0.286751
=2.6053

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)
=((0.037 + 1.496) / 4.986) / ((0.16 + 2.415) / 3.404)
=0.307461 / 0.756463
=0.4064

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
=(-3.513 - 0.004 - -3.53) / 4.986
=0.002607

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.

Galaxy Payroll Group has a M-score of -2.63 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 -2.63 mean?
Galaxy Payroll Group (GLXG) has a Beneish M-Score of -2.63 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Galaxy Payroll Group and its competitors. According to the industry distribution chart, Galaxy Payroll Group ranks #437 out of 1020 companies in the Business Services industry, placing it in the top 42.8%.
Is Galaxy Payroll Group's Beneish M-Score too high?
Galaxy Payroll Group's current Beneish M-Score is -2.63. Based on the distribution chart, Galaxy Payroll Group ranks #437 out of 1020 companies in the Business Services industry, which is above the industry midpoint. Overall, Galaxy Payroll Group has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Galaxy Payroll Group's Beneish M-Score compare to IPDN and RLBY?
According to the Business Services industry distribution chart, Galaxy Payroll Group ranks #437 out of 1020 companies for Beneish M-Score. This puts Galaxy Payroll Group 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 Business Services company?
A good Beneish M-Score depends on the Business 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 Galaxy Payroll Group and its competitors. Galaxy Payroll Group's current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Galaxy Payroll Group stock overvalued right now?
Galaxy Payroll Group (GLXG) has a current Beneish M-Score of -2.63. The current Beneish M-Score is -2.63. Galaxy Payroll Group's overall GF Score™ is 21/100 with 2 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 Galaxy Payroll Group (GLXG), the current Beneish M-Score is -2.63 as of Jun. 26, 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.

Galaxy Payroll Group Business Description

Address 77 Wing Lok Street, 25th Floor, Ovest, Sheung Wan, Hong Kong, HKG
Galaxy Payroll Group Ltd provides payroll outsourcing and employment services based in Hong Kong, serving three customer groups: (i) global human resources service providers managing payroll and employment for branch offices; (ii) multinational companies outsourcing these functions directly; and (iii) end-users consulting for future worldwide expansion. Payroll outsourcing is offered in the PRC, Hong Kong, Taiwan, and Macau, while employment services cover the PRC, Hong Kong, Japan, Taiwan, and Macau. Customers include both indirect clients through channels and direct clients. Revenues are generated from subsidiaries in Taiwan, Macau, Hong Kong, the PRC, and others.
21GF Score

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

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