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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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for HealthEquity's Beneish M-Score or its related term are showing as below:
MEX:HQY'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.53 Med: -2.66 Max: -1.73
Current: -2.81
During the past 13 years, the highest Beneish M-Score of HealthEquity was -1.73. The lowest was -4.53. And the median was -2.66.
The historical data trend for HealthEquity'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.
MEX:HQY vs TEM, TXG, HNGE: Beneish M-Score Comparison
For the Health Information Services subindustry, HealthEquity'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.
HealthEquity Beneish M-Score vs Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, HealthEquity's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HealthEquity's Beneish M-Score falls into.
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 HealthEquity 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 * 0.9536
+
0.528 * 0.9254
+
0.404 * 0.9985
+
0.892 * 0.9839
+
0.115 * 0.9748
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9675
+
4.679 * -0.08007
-
0.327 * 0.9459
=
-2.93
* 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.
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.
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))
=
(3194.011 / (3194.011 + 874.149))
/
(2782.519 / (2782.519 + 672.233))
=
0.785124
/
0.805418
=
0.9748
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
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
=
(4162.669 - -78.314
-
8877.972)
/
57911.485
=
-0.08007
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.
HealthEquity has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
HealthEquity (MEX:HQY) has a Beneish M-Score of -2.81 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HealthEquity and its competitors. According to the industry distribution chart, HealthEquity ranks #190 out of 625 companies in the Healthcare Providers & Services industry, placing it in the top 30.4%.
Is HealthEquity's Beneish M-Score too high?
HealthEquity's current Beneish M-Score is -2.81. Based on the distribution chart, HealthEquity ranks #190 out of 625 companies in the Healthcare Providers & Services industry, which is above the industry midpoint. Overall, HealthEquity has a GF Score™ of 95/100, reflecting its overall financial health beyond just this single metric.
How does HealthEquity's Beneish M-Score compare to TEM and TXG?
According to the Healthcare Providers & Services industry distribution chart, HealthEquity ranks #190 out of 625 companies for Beneish M-Score. This puts HealthEquity in the upper 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & 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 HealthEquity and its competitors. HealthEquity's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HealthEquity stock overvalued right now?
HealthEquity (MEX:HQY) has a current Beneish M-Score of -2.81. The stock's GF Value™ is MXN2,222.88, compared to a current price of MXN2,150.00 — trading 3.3% below its estimated fair value. The current Beneish M-Score is -2.81. HealthEquity's overall GF Score™ is 95/100 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 HealthEquity (MEX:HQY), the current Beneish M-Score is -2.81 as of Aug. 03, 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 HealthEquity (MEX:HQY) Overvalued in 2026?
Based on GuruFocus' analysis, HealthEquity stock appears to be undervalued.
The current stock price of MXN2,150.00 is trading 3.3% below its estimated GF Value™ of MXN2,222.88.
Key valuation signals for MEX:HQY:
Beneish M-Score: -2.81
GF Value™: MXN2,222.88 vs. price of MXN2,150.00 (3.3% below fair value)
No single metric tells the full story. See the MEX:HQY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
HealthEquity Inc provides solutions that allow consumers to make healthcare saving and spending decisions. It provides payment processing services, personalized benefit information, the ability to earn wellness incentives, and investment advice to grow their tax-advantaged healthcare savings. It manages consumers' tax-advantaged health savings accounts (HSAs) and other consumer-directed benefits (CDBs) offered by employers, including flexible spending accounts and health reimbursement arrangements (FSAs and HRAs), and administers Consolidated Omnibus Budget Reconciliation Act (COBRA), commuter and other benefits. It also provides investment advisory services to customers whose account balances exceed a certain threshold. HealthEquity generates its revenue in the United States.
95GF Score
Get the complete analysis for MEX:HQY
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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