ASM International NV (MEX:ASM1N) Beneish M-Score: -1.89 (As of Jun. 25, 2026)

What is ASM International NV Beneish M-Score?

ASM International NV MEX:ASM1N 97 Beneish M-Score is -1.89 as of Jun. 25, 2026. GuruFocus rates MEX:ASM1N with a GF Score™ of 97/100 and a GF Value™ of MXN13,040.76 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 987 Semiconductors companies, ASM International NV ranks worse than 74.77% 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 -1.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:ASM1N' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.29 Max: -1.59
Current: -1.89

During the past 13 years, the highest Beneish M-Score of ASM International NV was -1.59. The lowest was -2.98. And the median was -2.29.

ASM International NV Beneish M-Score Related Terms

ASM International NV Beneish M-Score Historical Data

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The historical data trend for ASM International NV'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.

ASM International NV Beneish M-Score Chart

ASM International NV Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.88

-2.44

-2.56

-2.34

-2.88

ASM International NV 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															-2.97	-2.98	-2.78	-2.88	-1.89

MEX:ASM1N vs LRCX, AMAT, KLAC: Beneish M-Score Comparison

For the Semiconductor Equipment & Materials subindustry, ASM International NV'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.

ASM International NV Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, ASM International NV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ASM International NV's Beneish M-Score falls into.

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97GF Score

ASM International NV MEX:ASM1N

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

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ASM International NV 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 ASM International NV 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 * 1.265

0.528 * 0.9812

0.404 * 1.0785

0.892 * 1.0135

0.115 * 0.9536

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9186

4.679 * 0.040124

0.327 * 0.8622

-1.96

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was MXN23,222 Mil.
Revenue was 17980.582 + 14722.928 + 17224.601 + 18147.266 = MXN68,075 Mil.
Gross Profit was 9587.559 + 7330.892 + 8933.109 + 9408.085 = MXN35,260 Mil.
Total Current Assets was MXN57,896 Mil.
Total Assets was MXN121,522 Mil.
Property, Plant and Equipment(Net PPE) was MXN15,200 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN5,379 Mil.
Selling, General, & Admin. Expense(SGA) was MXN6,355 Mil.
Total Current Liabilities was MXN25,788 Mil.
Long-Term Debt & Capital Lease Obligation was MXN0 Mil.
Net Income was 4972.022 + 3499.937 + 8272.115 + 4395.652 = MXN21,140 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 913.101 + 3451.444 + 6734.819 + 5164.456 = MXN16,264 Mil.

Total Receivables was MXN18,112 Mil.
Revenue was 18560.564 + 17667.289 + 17015.391 + 13924.461 = MXN67,168 Mil.
Gross Profit was 9903.98 + 8890.425 + 8400.612 + 6941.524 = MXN34,137 Mil.
Total Current Assets was MXN57,862 Mil.
Total Assets was MXN113,699 Mil.
Property, Plant and Equipment(Net PPE) was MXN13,828 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,591 Mil.
Selling, General, & Admin. Expense(SGA) was MXN6,826 Mil.
Total Current Liabilities was MXN27,982 Mil.
Long-Term Debt & Capital Lease Obligation was MXN0 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)
	=	(23221.531 / 68075.377)	/	(18111.589 / 67167.705)
	=	0.341115	/	0.269647
	=	1.265

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)
	=	(34136.541 / 67167.705)	/	(35259.645 / 68075.377)
	=	0.508228	/	0.51795
	=	0.9812

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 - (57896.433 + 15199.586) / 121521.636)	/	(1 - (57862.425 + 13827.532) / 113698.935)
	=	0.398494	/	0.369476
	=	1.0785

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
	=	68075.377	/	67167.705
	=	1.0135

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))
	=	(4591.058 / (4591.058 + 13827.532))	/	(5378.761 / (5378.761 + 15199.586))
	=	0.249262	/	0.26138
	=	0.9536

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)
	=	(6354.807 / 68075.377)	/	(6825.588 / 67167.705)
	=	0.09335	/	0.10162
	=	0.9186

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 + 25787.803) / 121521.636)	/	((0 + 27982.394) / 113698.935)
	=	0.212208	/	0.24611
	=	0.8622

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
	=	(21139.726 - 0	-	16263.82)	/	121521.636
	=	0.040124

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.

ASM International NV has a M-score of -1.96 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 -1.89 mean?

ASM International NV (MEX:ASM1N) has a Beneish M-Score of -1.89 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ASM International NV and its competitors. According to the industry distribution chart, ASM International NV ranks #738 out of 987 companies in the Semiconductors industry, placing it in the top 74.8%.

Is ASM International NV's Beneish M-Score too high?

ASM International NV's current Beneish M-Score is -1.89. Based on the distribution chart, ASM International NV ranks #738 out of 987 companies in the Semiconductors industry, which is below the industry midpoint. Overall, ASM International NV has a GF Score™ of 97/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does ASM International NV's Beneish M-Score compare to LRCX and AMAT?

According to the Semiconductors industry distribution chart, ASM International NV ranks #738 out of 987 companies for Beneish M-Score. This places ASM International NV 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 Semiconductors company?

A good Beneish M-Score depends on the Semiconductors 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 ASM International NV and its competitors. ASM International NV's current Beneish M-Score is -1.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ASM International NV stock overvalued right now?

Based on GuruFocus' analysis, ASM International NV (MEX:ASM1N) is currently considered Significantly Overvalued. The stock's GF Value™ is MXN13,040.76, compared to a current price of MXN17,468.36 — trading 34% above its estimated fair value. The current Beneish M-Score is -1.89. ASM International NV's overall GF Score™ is 97/100 with 6 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 ASM International NV (MEX:ASM1N), the current Beneish M-Score is -1.89 as of Jun. 25, 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 ASM International NV (MEX:ASM1N) Overvalued in 2026?

Based on GuruFocus' analysis, ASM International NV stock appears to be overvalued. The current stock price of MXN17,468.36 is trading 34% above its estimated GF Value™ of MXN13,040.76. GuruFocus considers ASM International NV to be Significantly Overvalued.

Key valuation signals for MEX:ASM1N:

Beneish M-Score: -1.89
GF Value™: MXN13,040.76 vs. price of MXN17,468.36 (34% above fair value)
GF Score™: 97/100 with 6 warning signs

No single metric tells the full story. See the MEX:ASM1N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ASM International NV Business Description

Industry Technology Semiconductors

Comparable Companies XAMS:BESI XAMS:ASML LRCX AMAT KLAC TSE:8035 TSE:6857 SZSE:002371 TER SHSE:688820 SZSE:301666 TPE:7769 TSE:6146 SHSE:688012 Q SHSE:688072 TSE:5016 SHSE:688783 TSE:6920 ENTG

Other Exchanges ASMXF:USA ASMIY:USA ASM:Netherlands ASMa:UK 0NX3:UK AVS:Germany ASMI:Austria

Address Versterkerstraat 8, Almere, FL, NLD, 1322 AP

Website https://www.asm.com

ASM International is a Dutch company that supplies deposition equipment for chip fabrication. It is the leader in atomic layer deposition, a precise deposition technique that is required in the most advanced semiconductors. ASM's main clients are logic foundries TSMC, Samsung, and Intel, as well as memory foundries SK Hynix and Micron Technology. Foundries and wafer fab equipment providers like ASM work closely, which gives the firm insight into the customer's innovation and product road maps. Once a machine is established in a fab, it can generate service revenue for decades.

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

MXN17,468.36

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MXN13,040.76

GF Value

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