Duality Biotherapeutics (HKSE:09606) Beneish M-Score: -6.04 (As of Sep. 16, 2026)

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HKSE:09606 Duality Biotherapeutics Inc HKSE:09606
9 GF Score
Price HK$178.20
! 2 Warning Signs
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What is Duality Biotherapeutics Beneish M-Score?

Duality Biotherapeutics HKSE:09606 -1.22% 9 Beneish M-Score is -6.04 as of Sep. 16, 2026. GuruFocus rates HKSE:09606 with a GF Score™ of 9/100. The stock has 2 warning signs investors should review. Among 831 Biotechnology companies, Duality Biotherapeutics ranks better than 96.51% 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 -6.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:09606' s Beneish M-Score Range Over the Past 10 Years
Min: -6.04   Med: -4.7   Max: -3.35
Current: -6.04

During the past 4 years, the highest Beneish M-Score of Duality Biotherapeutics was -3.35. The lowest was -6.04. And the median was -4.70.

Duality Biotherapeutics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Duality Biotherapeutics'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.

Duality Biotherapeutics Beneish M-Score Chart

Duality Biotherapeutics Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 941.13 -1.39 -3.24

Duality Biotherapeutics Semi-Annual Data
Jun25 Dec25 Jun26
Beneish M-Score 0.00 0.00 0.00

HKSE:09606 vs VRTX, REGN, MRNA: Beneish M-Score Comparison

For the Biotechnology subindustry, Duality Biotherapeutics'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.

Duality Biotherapeutics Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Duality Biotherapeutics's Beneish M-Score distribution charts can be found below:

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


HKSE:09606
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Duality Biotherapeutics Inc HKSE:09606
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Duality Biotherapeutics 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 Duality Biotherapeutics 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 * 0.8821+0.528 * 1.2737+0.404 * 0.0972+0.892 * 0.9541+0.115 * 1.0216
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4455+4.679 * -0.697456-0.327 * 0.1459
=-5.91

* 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 HK$402.5 Mil.
Revenue was HK$2,008.2 Mil.
Gross Profit was HK$630.9 Mil.
Total Current Assets was HK$4,270.5 Mil.
Total Assets was HK$4,335.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$31.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$13.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$232.1 Mil.
Total Current Liabilities was HK$1,171.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$-2,814.2 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$210.0 Mil.
 Total Receivables was HK$478.3 Mil.
Revenue was HK$2,104.8 Mil.
Gross Profit was HK$842.2 Mil.
Total Current Assets was HK$2,028.0 Mil.
Total Assets was HK$2,224.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$19.8 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$168.3 Mil.
Total Current Liabilities was HK$4,120.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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)
=(402.548 / 2008.25) / (478.268 / 2104.757)
=0.200447 / 0.227232
=0.8821

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)
=(842.222 / 2104.757) / (630.925 / 2008.25)
=0.400152 / 0.314166
=1.2737

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 - (4270.528 + 31.939) / 4335.938) / (1 - (2027.994 + 19.789) / 2224.439)
=0.007719 / 0.079416
=0.0972

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
=2008.25 / 2104.757
=0.9541

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))
=(8.533 / (8.533 + 19.789)) / (13.358 / (13.358 + 31.939))
=0.301281 / 0.294902
=1.0216

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)
=(232.074 / 2008.25) / (168.257 / 2104.757)
=0.11556 / 0.079942
=1.4455

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 + 1171.576) / 4335.938) / ((0 + 4120.169) / 2224.439)
=0.270201 / 1.852228
=0.1459

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
=(-2814.151 - 0 - 209.975) / 4335.938
=-0.697456

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.

Duality Biotherapeutics has a M-score of -5.91 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 -6.04 mean?
Duality Biotherapeutics (HKSE:09606) has a Beneish M-Score of -6.04 as of Sep. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Duality Biotherapeutics and its competitors. According to the industry distribution chart, Duality Biotherapeutics ranks #29 out of 831 companies in the Biotechnology industry, placing it in the top 3.5%.
Is Duality Biotherapeutics' Beneish M-Score too high?
Duality Biotherapeutics' current Beneish M-Score is -6.04. Based on the distribution chart, Duality Biotherapeutics ranks #29 out of 831 companies in the Biotechnology industry, which is in the top quartile — a strong position relative to peers. Overall, Duality Biotherapeutics has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Duality Biotherapeutics' Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Duality Biotherapeutics ranks #29 out of 831 companies for Beneish M-Score. This places Duality Biotherapeutics in the top 4% of its industry — outperforming the majority of peers. 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 Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 Duality Biotherapeutics and its competitors. Duality Biotherapeutics's current Beneish M-Score is -6.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Duality Biotherapeutics stock overvalued right now?
Duality Biotherapeutics (HKSE:09606) has a current Beneish M-Score of -6.04. The current Beneish M-Score is -6.04. Duality Biotherapeutics' overall GF Score™ is 9/100 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 Duality Biotherapeutics (HKSE:09606), the current Beneish M-Score is -6.04 as of Sep. 16, 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.

Duality Biotherapeutics Business Description

Other Exchanges 4ZB:Germany
Address No. 868 Yinghua Road, 11th Floor, Building A, Jian Gong Datang International Plaza, Pudong New Area, Shanghai, CHN
Duality Biotherapeutics Inc is engaged in the discovery and development of antibody-drug conjugate (ADC) therapeutics, focusing on treatments for cancer and other diseases. The company has a diversified pipeline of ADC candidates, including two core products: DB-1303/BNT323, a HER2-targeting ADC for cancers such as breast and endometrial cancer, and DB-1311/BNT324, a B7-H3-targeting ADC for multiple solid tumors. In addition, it has several other clinical-stage ADC candidates with therapeutic potential, as well as multiple preclinical ADCs, including candidates expected to enter clinical trials. Its key products, including DB-1303/BNT323, DB-1311/BNT324, and DB-1305/BNT325, have received Fast Track Designation, with DB-1303 being a late-stage candidate undergoing registrational studies.
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HK$178.20
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