Elastic NV (MEX:ESTCN) Beneish M-Score: -2.11 (As of Jun. 26, 2026)

What is Elastic NV Beneish M-Score?

Elastic NV MEX:ESTCN 72 Beneish M-Score is -2.11 as of Jun. 26, 2026. GuruFocus rates MEX:ESTCN with a GF Score™ of 72/100 and a GF Value™ of MXN1,970.78 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 2,634 Software companies, Elastic NV ranks worse than 72.67% 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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:ESTCN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.89 Max: -1.71
Current: -2.11

During the past 10 years, the highest Beneish M-Score of Elastic NV was -1.71. The lowest was -3.11. And the median was -2.89.

Elastic NV Beneish M-Score Related Terms

Elastic NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Elastic 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.

Elastic NV Beneish M-Score Chart

Elastic NV Annual Data

Trend

Apr17

Apr18

Apr19

Apr20

Apr21

Apr22

Apr23

Apr24

Apr25

Apr26

Beneish M-Score

Get a 7-Day Free Trial

-2.96

-3.05

-2.38

-3.11

-2.11

Elastic NV Quarterly Data
	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25	Apr25	Jul25	Oct25	Jan26	Apr26
Beneish M-Score	Get a 7-Day Free Trial															-3.11	-3.19	-3.34	-2.98	-2.11

MEX:ESTCN vs TTAN, IDCC, PAYC: Beneish M-Score Comparison

For the Software - Application subindustry, Elastic 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.

Elastic NV Beneish M-Score vs Software Industry

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

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

Save Embed

72GF Score

Elastic NV MEX:ESTCN

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

View Full Analysis

Elastic 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 Elastic 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 * 1.0318

0.528 * 0.978

0.404 * 1.4322

0.892 * 1.0713

0.115 * 0.9679

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9756

4.679 * -0.009875

0.327 * 0.9233

-2.24

This Year (Apr26) TTM:

Last Year (Apr25) TTM:

Total Receivables was MXN8,135 Mil.
Revenue was 7894.173 + 7805.12 + 7854.09 + 7806.169 = MXN31,360 Mil.
Gross Profit was 5948.835 + 5958.478 + 5961.847 + 5987.634 = MXN23,857 Mil.
Total Current Assets was MXN35,440 Mil.
Total Assets was MXN55,223 Mil.
Property, Plant and Equipment(Net PPE) was MXN477 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN213 Mil.
Selling, General, & Admin. Expense(SGA) was MXN16,316 Mil.
Total Current Liabilities was MXN21,106 Mil.
Long-Term Debt & Capital Lease Obligation was MXN10,247 Mil.
Net Income was 7635.268 + 134.509 + -951.139 + -462.463 = MXN6,356 Mil.
Non Operating Income was 225.8 + 204.861 + 293.702 + 296.654 = MXN1,021 Mil.
Cash Flow from Operations was 2674.884 + 741.457 + 493.559 + 1970.583 = MXN5,880 Mil.

Total Receivables was MXN7,359 Mil.
Revenue was 7609.927 + 7881.99 + 7318.692 + 6461.143 = MXN29,272 Mil.
Gross Profit was 5694.182 + 5877.842 + 5452.187 + 4754.693 = MXN21,779 Mil.
Total Current Assets was MXN37,831 Mil.
Total Assets was MXN50,798 Mil.
Property, Plant and Equipment(Net PPE) was MXN567 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN241 Mil.
Selling, General, & Admin. Expense(SGA) was MXN15,611 Mil.
Total Current Liabilities was MXN19,753 Mil.
Long-Term Debt & Capital Lease Obligation was MXN11,482 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)
	=	(8134.705 / 31359.552)	/	(7358.785 / 29271.752)
	=	0.259401	/	0.251395
	=	1.0318

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)
	=	(21778.904 / 29271.752)	/	(23856.794 / 31359.552)
	=	0.744025	/	0.76075
	=	0.978

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 - (35439.677 + 476.998) / 55222.588)	/	(1 - (37831.131 + 566.642) / 50797.62)
	=	0.349602	/	0.244103
	=	1.4322

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
	=	31359.552	/	29271.752
	=	1.0713

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))
	=	(241.061 / (241.061 + 566.642))	/	(212.666 / (212.666 + 476.998))
	=	0.298453	/	0.308362
	=	0.9679

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)
	=	(16315.745 / 31359.552)	/	(15610.888 / 29271.752)
	=	0.52028	/	0.533309
	=	0.9756

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)
	=	((10247.339 + 21105.517) / 55222.588)	/	((11482.245 + 19753.147) / 50797.62)
	=	0.567754	/	0.614899
	=	0.9233

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
	=	(6356.175 - 1021.017	-	5880.483)	/	55222.588
	=	-0.009875

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.

Elastic NV has a M-score of -2.24 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 -2.11 mean?

Elastic NV (MEX:ESTCN) has a Beneish M-Score of -2.11 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Elastic NV and its competitors. According to the industry distribution chart, Elastic NV ranks #1914 out of 2634 companies in the Software industry, placing it in the top 72.7%.

Is Elastic NV's Beneish M-Score too high?

Elastic NV's current Beneish M-Score is -2.11. Based on the distribution chart, Elastic NV ranks #1914 out of 2634 companies in the Software industry, which is below the industry midpoint. Overall, Elastic NV has a GF Score™ of 72/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Elastic NV's Beneish M-Score compare to TTAN and IDCC?

According to the Software industry distribution chart, Elastic NV ranks #1914 out of 2634 companies for Beneish M-Score. This places Elastic 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 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 Elastic NV and its competitors. Elastic NV's current Beneish M-Score is -2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Elastic NV stock overvalued right now?

Based on GuruFocus' analysis, Elastic NV (MEX:ESTCN) is currently considered Significantly Undervalued. The stock's GF Value™ is MXN1,970.78, compared to a current price of MXN1,021.21 — trading 48.2% below its estimated fair value. The current Beneish M-Score is -2.11. Elastic NV's overall GF Score™ is 72/100 with 3 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 Elastic NV (MEX:ESTCN), the current Beneish M-Score is -2.11 as of Jun. 26, 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 Elastic NV (MEX:ESTCN) Overvalued in 2026?

Based on GuruFocus' analysis, Elastic NV stock appears to be undervalued. The current stock price of MXN1,021.21 is trading 48.2% below its estimated GF Value™ of MXN1,970.78. GuruFocus considers Elastic NV to be Significantly Undervalued.

Key valuation signals for MEX:ESTCN:

Beneish M-Score: -2.11
GF Value™: MXN1,970.78 vs. price of MXN1,021.21 (48.2% below fair value)
GF Score™: 72/100 with 3 warning signs

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

Elastic NV Business Description

Industry Technology Software

Comparable Companies TTAN IDCC PAYC CHYM CWAN PCTY PCOR PEGA APPF YOU XTER:SAP CRM SHOP UBER NOW ADBE CDNS INTU ADP SNOW

Other Exchanges ESTC:USA 3E1:Germany E2ST34:Brazil

Address Keizersgracht 281, Amsterdam, NH, NLD, 1016 ED

Website https://www.elastic.co

Elastic is a software company that specializes in AI-search, observability, and security deployments. Its search division offers both traditional keyword search and vector search methods to enable more context-aware querying. The software has open-source origins but generates revenue through valuable add-ons, including simplified data orchestration and server scaling techniques.

72GF Score

Get the complete analysis for MEX:ESTCN

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

MXN1,021.21

Price

MXN1,970.78

GF Value

View MEX:ESTCN Analysis

See Beneish M-Score data for all stocks →