KARX (Karbon-X) Beneish M-Score: 43.02 (As of Jul. 17, 2026) — 47% Above Median

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KARX Karbon-X Corp KARX
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Price $0.20
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What is Karbon-X Beneish M-Score?

Karbon-X KARX +0.50% 8 Beneish M-Score is 43.02 as of Jul. 17, 2026, which is 47% above its 10-year median of 29.30. GuruFocus rates KARX with a GF Score™ of 8/100. The stock has 5 warning signs investors should review. Among 1,022 Business Services companies, Karbon-X ranks worse than 99.61% 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 43.02 higher than -1.78, which implies that the company might have manipulated its financial results.

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

KARX' s Beneish M-Score Range Over the Past 10 Years
Min: -1.46   Med: 29.3   Max: 53.58
Current: 43.02

During the past 4 years, the highest Beneish M-Score of Karbon-X was 53.58. The lowest was -1.46. And the median was 29.30.

Karbon-X Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Karbon-X'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.

Karbon-X Beneish M-Score Chart

Karbon-X Annual Data
Trend May22 May23 May24 May25
Beneish M-Score
0.00 0.00 34.22 -1.46

Karbon-X Quarterly Data
Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26
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 11.43 -1.46 53.58 29.30 43.02

KARX vs ZTG, VCIG, ACCL: Beneish M-Score Comparison

For the Consulting Services subindustry, Karbon-X'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.

Karbon-X Beneish M-Score vs Business Services Industry

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

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


KARX
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Karbon-X Corp KARX
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Karbon-X 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 Karbon-X 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 * 0.076+0.528 * 30.52+0.404 * 1.4458+0.892 * 37.4628+0.115 * -3.3309
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.066+4.679 * -0.302485-0.327 * 1.5704
=43.02

* 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 (Feb26) TTM:Last Year (Feb25) TTM:
Total Receivables was $10.52 Mil.
Revenue was 4.273 + 20.848 + 35.659 + 1.633 = $62.41 Mil.
Gross Profit was -1.523 + 2.004 + 0.294 + 0.099 = $0.87 Mil.
Total Current Assets was $17.87 Mil.
Total Assets was $20.40 Mil.
Property, Plant and Equipment(Net PPE) was $0.46 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.21 Mil.
Selling, General, & Admin. Expense(SGA) was $10.45 Mil.
Total Current Liabilities was $21.77 Mil.
Long-Term Debt & Capital Lease Obligation was $5.54 Mil.
Net Income was -5.175 + -1.448 + -2.596 + -3.401 = $-12.62 Mil.
Non Operating Income was 0.244 + 0.041 + 0.075 + -0.093 = $0.27 Mil.
Cash Flow from Operations was -1.196 + -0.837 + -2.68 + -2.003 = $-6.72 Mil.
 Total Receivables was $3.69 Mil.
Revenue was 0.239 + 1.175 + 0.127 + 0.125 = $1.67 Mil.
Gross Profit was 0.141 + 0.531 + 0.033 + 0.007 = $0.71 Mil.
Total Current Assets was $6.31 Mil.
Total Assets was $7.31 Mil.
Property, Plant and Equipment(Net PPE) was $0.49 Mil.
Depreciation, Depletion and Amortization(DDA) was $-0.25 Mil.
Selling, General, & Admin. Expense(SGA) was $4.22 Mil.
Total Current Liabilities was $5.78 Mil.
Long-Term Debt & Capital Lease Obligation was $0.45 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)
=(10.523 / 62.413) / (3.694 / 1.666)
=0.168603 / 2.217287
=0.076

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)
=(0.712 / 1.666) / (0.874 / 62.413)
=0.427371 / 0.014003
=30.52

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 - (17.87 + 0.457) / 20.401) / (1 - (6.308 + 0.488) / 7.31)
=0.101662 / 0.070315
=1.4458

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
=62.413 / 1.666
=37.4628

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))
=(-0.249 / (-0.249 + 0.488)) / (0.208 / (0.208 + 0.457))
=-1.041841 / 0.312782
=-3.3309

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)
=(10.451 / 62.413) / (4.224 / 1.666)
=0.167449 / 2.535414
=0.066

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)
=((5.535 + 21.765) / 20.401) / ((0.452 + 5.777) / 7.31)
=1.33817 / 0.85212
=1.5704

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
=(-12.62 - 0.267 - -6.716) / 20.401
=-0.302485

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.

Karbon-X has a M-score of 43.02 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 43.02 mean?
Karbon-X (KARX) has a Beneish M-Score of 43.02 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Karbon-X and its competitors. This is 47% above median its historical median of 29.30. According to the industry distribution chart, Karbon-X ranks #1018 out of 1022 companies in the Business Services industry, placing it in the top 99.6%.
Is Karbon-X's Beneish M-Score too high?
Karbon-X's current Beneish M-Score of 43.02 is 47% above median its 10-year median of 29.30. Based on the distribution chart, Karbon-X ranks #1018 out of 1022 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Karbon-X has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.
How does Karbon-X's Beneish M-Score compare to ZTG and VCIG?
According to the Business Services industry distribution chart, Karbon-X ranks #1018 out of 1022 companies for Beneish M-Score. This places Karbon-X 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 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 Karbon-X and its competitors. Karbon-X's current Beneish M-Score is 43.02, which is 47% above median its own 10-year median of 29.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Karbon-X stock overvalued right now?
Karbon-X (KARX) has a current Beneish M-Score of 43.02. The current Beneish M-Score is 43.02, which is 47% above median its 10-year median of 29.30. Karbon-X's overall GF Score™ is 8/100 with 5 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 Karbon-X (KARX), the current Beneish M-Score is 43.02 as of Jul. 17, 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.

Karbon-X Business Description

Address 6575 West Loop South, Suite 500, Bellaire, TX, USA, T2P 3S2
Karbon-X Corp provides investors with access to certified carbon credits, which are essential for individuals and corporations seeking to meet their carbon-neutral and net-zero carbon objectives. The company has started acquiring verified carbon credits from various vendors and plans to resell these credits to both industries and the general public. Additionally, the company is funding projects aimed at generating its own carbon credits. Once these projects are verified, the resultant carbon credits will be available for sale on its proprietary app platform.
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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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