ITMSF (Intermap Technologies) Beneish M-Score: -4.55 (As of Jun. 27, 2026)

What is Intermap Technologies Beneish M-Score?

Intermap Technologies ITMSF -5.42% 41 Beneish M-Score is -4.55 as of Jun. 27, 2026. GuruFocus rates ITMSF with a GF Score™ of 41/100 and a GF Value™ of $0.46 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,634 Software companies, Intermap Technologies ranks better than 94.53% 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 -4.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ITMSF' s Beneish M-Score Range Over the Past 10 Years
Min: -49.63 Med: -4.53 Max: 377.85
Current: -4.55

During the past 13 years, the highest Beneish M-Score of Intermap Technologies was 377.85. The lowest was -49.63. And the median was -4.53.

Intermap Technologies Beneish M-Score Related Terms

Intermap Technologies Beneish M-Score Historical Data

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The historical data trend for Intermap Technologies'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.

Intermap Technologies Beneish M-Score Chart

Intermap Technologies Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.66

-5.30

-5.93

5.35

-4.55

Intermap Technologies 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															3.14	-1.16	-1.92	-4.55	0.00

ITMSF vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Intermap Technologies'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.

Intermap Technologies Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Intermap Technologies's Beneish M-Score distribution charts can be found below:

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

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41GF Score

Intermap Technologies Corp ITMSF

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

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Intermap Technologies 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 Intermap Technologies 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 * 0.58

0.528 * -0.7428

0.404 * 0.5652

0.892 * 0.5993

0.115 * 0.8872

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.090809

0.327 * 0.3022

-4.53

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $2.09 Mil.
Revenue was $10.57 Mil.
Gross Profit was $-4.09 Mil.
Total Current Assets was $25.67 Mil.
Total Assets was $31.73 Mil.
Property, Plant and Equipment(Net PPE) was $3.60 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.40 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $5.08 Mil.
Long-Term Debt & Capital Lease Obligation was $1.39 Mil.
Net Income was $-6.71 Mil.
Gross Profit was $0.30 Mil.
Cash Flow from Operations was $-4.13 Mil.

Total Receivables was $6.01 Mil.
Revenue was $17.64 Mil.
Gross Profit was $5.06 Mil.
Total Current Assets was $6.99 Mil.
Total Assets was $11.94 Mil.
Property, Plant and Equipment(Net PPE) was $3.31 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.09 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $7.47 Mil.
Long-Term Debt & Capital Lease Obligation was $0.59 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)
	=	(2.088 / 10.57)	/	(6.007 / 17.637)
	=	0.19754	/	0.340591
	=	0.58

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)
	=	(5.063 / 17.637)	/	(-4.085 / 10.57)
	=	0.287067	/	-0.386471
	=	-0.7428

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 - (25.665 + 3.598) / 31.726)	/	(1 - (6.988 + 3.312) / 11.94)
	=	0.077633	/	0.137353
	=	0.5652

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
	=	10.57	/	17.637
	=	0.5993

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))
	=	(1.093 / (1.093 + 3.312))	/	(1.397 / (1.397 + 3.598))
	=	0.248127	/	0.27968
	=	0.8872

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)
	=	(0 / 10.57)	/	(0 / 17.637)
	=	0	/	0
	=	1

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)
	=	((1.394 + 5.083) / 31.726)	/	((0.592 + 7.473) / 11.94)
	=	0.204154	/	0.675461
	=	0.3022

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
	=	(-6.712 - 0.298	-	-4.129)	/	31.726
	=	-0.090809

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.

Intermap Technologies has a M-score of -4.53 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 -4.55 mean?

Intermap Technologies (ITMSF) has a Beneish M-Score of -4.55 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Intermap Technologies and its competitors. According to the industry distribution chart, Intermap Technologies ranks #144 out of 2634 companies in the Software industry, placing it in the top 5.5%.

Is Intermap Technologies' Beneish M-Score too high?

Intermap Technologies' current Beneish M-Score is -4.55. Based on the distribution chart, Intermap Technologies ranks #144 out of 2634 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Intermap Technologies has a GF Score™ of 41/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Intermap Technologies' Beneish M-Score compare to CRM and SHOP?

According to the Software industry distribution chart, Intermap Technologies ranks #144 out of 2634 companies for Beneish M-Score. This places Intermap Technologies in the top 6% 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 Software company?

A good Beneish M-Score depends on the Software 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 Intermap Technologies and its competitors. Intermap Technologies's current Beneish M-Score is -4.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Intermap Technologies stock overvalued right now?

Based on GuruFocus' analysis, Intermap Technologies (ITMSF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.46, compared to a current price of $0.72 — trading 56.3% above its estimated fair value. The current Beneish M-Score is -4.55. Intermap Technologies' overall GF Score™ is 41/100 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 Intermap Technologies (ITMSF), the current Beneish M-Score is -4.55 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.

Is Intermap Technologies (ITMSF) Overvalued in 2026?

Based on GuruFocus' analysis, Intermap Technologies stock appears to be overvalued. The current stock price of $0.72 is trading 56.3% above its estimated GF Value™ of $0.46. GuruFocus considers Intermap Technologies to be Significantly Overvalued.

Key valuation signals for ITMSF:

Beneish M-Score: -4.55
GF Value™: $0.46 vs. price of $0.72 (56.3% above fair value)
GF Score™: 41/100 with 4 warning signs

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

Intermap Technologies Business Description

Industry Technology Software

Comparable Companies TSX:SYZ TSXV:ARGH TSX:THNC TSXV:MHUB TSXV:DDD TSXV:ONE XCNQ:SPAI TSXV:AMT TSX:XTRA TSXV:RSS XTER:SAP CRM SHOP UBER NOW ADBE CDNS INTU ADP SNOW

Other Exchanges I9T1:Germany IMP:Canada

Address 385 Inverness Parkway, Suite 105, Englewood, CO, USA, 80112

Website https://www.intermap.com

Intermap Technologies Corp is a location-based geospatial intelligence company. It offers a wide variety of geospatial solutions and analytics for its customers. Intermap's geospatial solutions and analytics can be used in a wide range of applications, including, but not limited to, location-based information, geospatial risk assessment, geographic information systems, engineering, utilities, global positioning systems maps, oil and gas, renewable energy, hydrology, environmental planning, wireless communications, transportation, advertising, and 3D visualization. The Company's operations are in a single industry segment: digital mapping and related services. Geographically, the company operates in the USA, Asia/Pacific, and Europe.

41GF Score

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

$0.72

Price

$0.46

GF Value

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