MDAI (Spectral AI) Beneish M-Score: 0.00 (As of Jul. 11, 2026)


MDAI Spectral AI Inc MDAI
6 GF Score
Price $1.72
GF Value $0.91
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Spectral AI Beneish M-Score?

Spectral AI MDAI -0.58% 6 Beneish M-Score is 0.00 as of Jul. 11, 2026. GuruFocus rates MDAI with a GF Score™ of 6/100 and a GF Value™ of $0.91 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 762 Medical Devices & Instruments companies, Spectral AI ranks worse than 131233.46% 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.

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

During the past 5 years, the highest Beneish M-Score of Spectral AI was 0.00. The lowest was 0.00. And the median was 0.00.

Spectral AI Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Spectral AI'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.

Spectral AI Beneish M-Score Chart

Spectral AI Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00 0.00

Spectral AI Quarterly Data
Dec21 Mar22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 0.00 0.00 0.00 0.00 0.00

MDAI vs LUNG, QTI, COCH: Beneish M-Score Comparison

For the Medical Devices subindustry, Spectral AI'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.

Spectral AI Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Spectral AI's Beneish M-Score distribution charts can be found below:

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


MDAI
6GF Score
Spectral AI Inc MDAI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Spectral AI 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 Spectral AI 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $1.19 Mil.
Revenue was 3.991 + 4.086 + 3.792 + 5.065 = $16.93 Mil.
Gross Profit was 2.027 + 1.846 + 1.621 + 2.29 = $7.78 Mil.
Total Current Assets was $15.99 Mil.
Total Assets was $17.73 Mil.
Property, Plant and Equipment(Net PPE) was $1.49 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.67 Mil.
Selling, General, & Admin. Expense(SGA) was $17.46 Mil.
Total Current Liabilities was $21.27 Mil.
Long-Term Debt & Capital Lease Obligation was $5.27 Mil.
Net Income was -3.412 + 1.052 + -3.552 + -7.968 = $-13.88 Mil.
Non Operating Income was -1.007 + 4.178 + 0.255 + -5.463 = $-2.04 Mil.
Cash Flow from Operations was -3.728 + -2.552 + -2.501 + -3.362 = $-12.14 Mil.
 Total Receivables was $2.10 Mil.
Revenue was 6.707 + 7.604 + 8.173 + 7.478 = $29.96 Mil.
Gross Profit was 3.168 + 3.348 + 3.667 + 3.314 = $13.50 Mil.
Total Current Assets was $18.73 Mil.
Total Assets was $20.72 Mil.
Property, Plant and Equipment(Net PPE) was $1.99 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.54 Mil.
Selling, General, & Admin. Expense(SGA) was $18.83 Mil.
Total Current Liabilities was $13.31 Mil.
Long-Term Debt & Capital Lease Obligation was $9.04 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)
=(1.185 / 16.934) / (2.103 / 29.962)
=0.069978 / 0.070189
=

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)
=(13.497 / 29.962) / (7.784 / 16.934)
=0.450471 / 0.459667
=

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 - (15.986 + 1.488) / 17.734) / (1 - (18.728 + 1.994) / 20.722)
=0.014661 / 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
=16.934 / 29.962
=

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))
=(0.54 / (0.54 + 1.994)) / (0.669 / (0.669 + 1.488))
=0.213102 / 0.310153
=

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)
=(17.462 / 16.934) / (18.832 / 29.962)
=1.03118 / 0.628529
=

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)
=((5.271 + 21.273) / 17.734) / ((9.036 + 13.312) / 20.722)
=1.496786 / 1.078467
=

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
=(-13.88 - -2.037 - -12.143) / 17.734
=0.016917

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Spectral AI (MDAI) has a Beneish M-Score of 0.00 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spectral AI and its competitors. According to the industry distribution chart, Spectral AI ranks #999999 out of 762 companies in the Medical Devices & Instruments industry.
Is Spectral AI's Beneish M-Score too high?
Spectral AI's current Beneish M-Score is 0.00. Based on the distribution chart, Spectral AI ranks #999999 out of 762 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, Spectral AI has a GF Score™ of 6/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Spectral AI's Beneish M-Score compare to LUNG and QTI?
According to the Medical Devices & Instruments industry distribution chart, Spectral AI ranks #999999 out of 762 companies for Beneish M-Score. This places Spectral AI 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 Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments 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 Spectral AI and its competitors. Spectral AI's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spectral AI stock overvalued right now?
Based on GuruFocus' analysis, Spectral AI (MDAI) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.91, compared to a current price of $1.72 — trading 89% above its estimated fair value. The current Beneish M-Score is 0.00. Spectral AI's overall GF Score™ is 6/100 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 Spectral AI (MDAI), the current Beneish M-Score is 0.00 as of Jul. 11, 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 Spectral AI (MDAI) Overvalued in 2026?

Based on GuruFocus' analysis, Spectral AI stock appears to be overvalued. The current stock price of $1.72 is trading 89% above its estimated GF Value™ of $0.91. GuruFocus considers Spectral AI to be Significantly Overvalued.

Key valuation signals for MDAI:

  • Beneish M-Score: 0.00
  • GF Value™: $0.91 vs. price of $1.72 (89% above fair value)
  • GF Score™: 6/100 with 4 warning signs

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

Spectral AI Business Description

Address 2515 McKinney Avenue, Suite 1000, Dallas, TX, USA, 75201
Spectral AI Inc is an AI company focused on predictive medical diagnostics. Its DeepView System uses proprietary AI algorithms to distinguish between fully damaged, partially damaged and healthy human tissue characters invisible to the naked eye, at the initial time point of wound presentation. The DeepView System delivers a binary prediction on the wound's capacity to heal or not-heal by a specified time point in the future. The company focuses on the burn indication which is supported by the BARDA PBS contract.
6GF Score

Get the complete analysis for MDAI

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

$1.72
Price
$0.91
GF Value