Nasdaq (MEX:NDAQ) Beneish M-Score: -2.52 (As of Jun. 24, 2026)

What is Nasdaq Beneish M-Score?

Nasdaq MEX:NDAQ +1.18% 83 Beneish M-Score is -2.52 as of Jun. 24, 2026. GuruFocus rates MEX:NDAQ with a GF Score™ of 83/100 and a GF Value™ of MXN1,363.99 (Fairly Valued). The stock has 3 warning signs investors should review. Among 702 Capital Markets companies, Nasdaq ranks better than 65.24% 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:NDAQ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.72 Med: -2.48 Max: -1.79
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Nasdaq was -1.79. The lowest was -2.72. And the median was -2.48.

Nasdaq Beneish M-Score Related Terms

Nasdaq Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nasdaq'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.

Nasdaq Beneish M-Score Chart

Nasdaq Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.47

-2.48

-2.12

-2.44

-2.59

Nasdaq 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															-2.44	-2.54	-2.58	-2.59	-2.52

MEX:NDAQ vs COIN, MSCI, CBOE: Beneish M-Score Comparison

For the Financial Data & Stock Exchanges subindustry, Nasdaq'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.

Nasdaq Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Nasdaq's Beneish M-Score distribution charts can be found below:

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

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83GF Score

Nasdaq Inc MEX:NDAQ

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

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Nasdaq 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 Nasdaq 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 * 0.9005

0.528 * 0.9084

0.404 * 1.1162

0.892 * 0.9778

0.115 * 1.074

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0655

4.679 * -0.018711

0.327 * 0.8703

-2.64

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was MXN17,762 Mil.
Revenue was 38535.88 + 38244.107 + 35917.944 + 39353.028 = MXN152,051 Mil.
Gross Profit was 17275.327 + 16961.369 + 15959.454 + 16211.941 = MXN66,408 Mil.
Total Current Assets was MXN78,875 Mil.
Total Assets was MXN492,311 Mil.
Property, Plant and Equipment(Net PPE) was MXN22,072 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN11,729 Mil.
Selling, General, & Admin. Expense(SGA) was MXN8,445 Mil.
Total Current Liabilities was MXN79,182 Mil.
Long-Term Debt & Capital Lease Obligation was MXN162,547 Mil.
Net Income was 9358.971 + 9326.953 + 7759.597 + 8510.798 = MXN34,956 Mil.
Non Operating Income was 1550.812 + 180.057 + 18.344 + 640.193 = MXN2,389 Mil.
Cash Flow from Operations was 12424.53 + 11253.563 + 4054.068 + 14046.583 = MXN41,779 Mil.

Total Receivables was MXN20,172 Mil.
Revenue was 42880.387 + 42337.071 + 37450.951 + 32829.625 = MXN155,498 Mil.
Gross Profit was 16693.891 + 16913.973 + 14452.68 + 13630.157 = MXN61,691 Mil.
Total Current Assets was MXN159,942 Mil.
Total Assets was MXN626,982 Mil.
Property, Plant and Equipment(Net PPE) was MXN20,499 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN12,178 Mil.
Selling, General, & Admin. Expense(SGA) was MXN8,105 Mil.
Total Current Liabilities was MXN163,072 Mil.
Long-Term Debt & Capital Lease Obligation was MXN190,650 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)
	=	(17762.21 / 152050.959)	/	(20171.785 / 155498.034)
	=	0.116817	/	0.129724
	=	0.9005

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)
	=	(61690.701 / 155498.034)	/	(66408.091 / 152050.959)
	=	0.39673	/	0.436749
	=	0.9084

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 - (78875.03 + 22072.025) / 492310.743)	/	(1 - (159942.208 + 20499.116) / 626982.456)
	=	0.794953	/	0.712207
	=	1.1162

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
	=	152050.959	/	155498.034
	=	0.9778

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))
	=	(12178.303 / (12178.303 + 20499.116))	/	(11728.882 / (11728.882 + 22072.025))
	=	0.372683	/	0.346999
	=	1.074

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)
	=	(8444.734 / 152050.959)	/	(8105.041 / 155498.034)
	=	0.055539	/	0.052123
	=	1.0655

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)
	=	((162546.758 + 79181.586) / 492310.743)	/	((190649.966 + 163072.312) / 626982.456)
	=	0.491008	/	0.564166
	=	0.8703

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
	=	(34956.319 - 2389.406	-	41778.744)	/	492310.743
	=	-0.018711

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.

Nasdaq has a M-score of -2.64 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 -2.52 mean?

Nasdaq (MEX:NDAQ) has a Beneish M-Score of -2.52 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nasdaq and its competitors. According to the industry distribution chart, Nasdaq ranks #244 out of 702 companies in the Capital Markets industry, placing it in the top 34.8%.

Is Nasdaq's Beneish M-Score too high?

Nasdaq's current Beneish M-Score is -2.52. Based on the distribution chart, Nasdaq ranks #244 out of 702 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Nasdaq has a GF Score™ of 83/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Nasdaq's Beneish M-Score compare to COIN and MSCI?

According to the Capital Markets industry distribution chart, Nasdaq ranks #244 out of 702 companies for Beneish M-Score. This puts Nasdaq 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 Capital Markets company?

A good Beneish M-Score depends on the Capital Markets 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 Nasdaq and its competitors. Nasdaq's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Nasdaq stock overvalued right now?

Based on GuruFocus' analysis, Nasdaq (MEX:NDAQ) is currently considered Fairly Valued. The stock's GF Value™ is MXN1,363.99, compared to a current price of MXN1,452.00 — trading 6.5% above its estimated fair value. The current Beneish M-Score is -2.52. Nasdaq's overall GF Score™ is 83/100 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 Nasdaq (MEX:NDAQ), the current Beneish M-Score is -2.52 as of Jun. 24, 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 Nasdaq (MEX:NDAQ) Overvalued in 2026?

Based on GuruFocus' analysis, Nasdaq stock appears to be overvalued. The current stock price of MXN1,452.00 is trading 6.5% above its estimated GF Value™ of MXN1,363.99. GuruFocus considers Nasdaq to be Fairly Valued.

Key valuation signals for MEX:NDAQ:

Beneish M-Score: -2.52
GF Value™: MXN1,363.99 vs. price of MXN1,452.00 (6.5% above fair value)
GF Score™: 83/100 with 3 warning signs

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

Nasdaq Business Description

Industry Financial Services Capital Markets

Comparable Companies COIN MSCI CBOE MCO ICE TRU FDS MORN CME OTCM SPGI HKSE:00388 LSE:LSEG XTER:DB1 SZSE:300033 SGX:S68 NSE:BSE BSP:B3SA3 XPAR:ENX TSE:8697

Other Exchanges NDAQ:USA 1NDAQ:Italy 0K4T:UK NAQ:Germany N1DA34:Brazil NDAQ:Austria

Address 151 West 42nd Street, Floors 26, 27, 28, New York, NY, USA, 10036

Website https://www.nasdaq.com

Founded in 1971, Nasdaq is primarily known for its equity exchange, but in addition to its trading business (about 22.5% of sales), the company sells market and financial data to investors, offers Nasdaq-branded indexes, and lists companies through its capital access segment (42.5%). Nasdaq's newest segment, financial technology, was primarily constructed through the acquisitions of Verafin and Adenza and has expanded the company into capital management, financial crime, and regulatory compliance software (35%) as it seeks to become a diversified technology company.

83GF Score

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

MXN1,452.00

Price

MXN1,363.99

GF Value

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