10x Genomics (MEX:TXG) Beneish M-Score: -2.57 (As of Jun. 24, 2026)


MEX:TXG 10x Genomics Inc MEX:TXG
68 GF Score
Price MXN335.54
GF Value MXN200.14
! 8 Warning Signs
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What is 10x Genomics Beneish M-Score?

10x Genomics MEX:TXG 68 Beneish M-Score is -2.57 as of Jun. 24, 2026. GuruFocus rates MEX:TXG with a GF Score™ of 68/100 and a GF Value™ of MXN200.14. The stock has 8 warning signs investors should review. Among 632 Healthcare Providers & Services companies, 10x Genomics ranks worse than 51.11% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for 10x Genomics's Beneish M-Score or its related term are showing as below:

MEX:TXG' s Beneish M-Score Range Over the Past 10 Years
Min: -4.07   Med: -2.95   Max: -0.72
Current: -2.57

During the past 9 years, the highest Beneish M-Score of 10x Genomics was -0.72. The lowest was -4.07. And the median was -2.95.

10x Genomics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for 10x Genomics'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.

10x Genomics Beneish M-Score Chart

10x Genomics Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -1.99 -2.92 -3.30 -3.63 -2.97

10x Genomics 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 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 Premium Member Only Premium Member Only Premium Member Only -4.07 -3.28 -2.72 -2.97 -2.57

MEX:TXG vs WAY, DOCS, HNGE: Beneish M-Score Comparison

For the Health Information Services subindustry, 10x Genomics'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.

10x Genomics Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, 10x Genomics's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where 10x Genomics's Beneish M-Score falls into.


MEX:TXG
68GF Score
10x Genomics Inc MEX:TXG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

10x Genomics 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 10x Genomics 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 * 0.9982+0.528 * 0.9816+0.404 * 2.7105+0.892 * 0.9433+0.115 * 0.8315
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8208+4.679 * -0.188571-0.327 * 0.9149
=-2.69

* 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 MXN1,012 Mil.
Revenue was 2720.107 + 2989.486 + 2733.322 + 3255.719 = MXN11,699 Mil.
Gross Profit was 1914.676 + 2035.454 + 1840.052 + 2355.232 = MXN8,145 Mil.
Total Current Assets was MXN12,077 Mil.
Total Assets was MXN18,317 Mil.
Property, Plant and Equipment(Net PPE) was MXN5,031 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN839 Mil.
Selling, General, & Admin. Expense(SGA) was MXN5,360 Mil.
Total Current Liabilities was MXN2,048 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,263 Mil.
Net Income was -242.9 + -292.629 + -503.952 + 650.323 = MXN-389 Mil.
Non Operating Income was -14.697 + -45.807 + -21.371 + 815.361 = MXN733 Mil.
Cash Flow from Operations was 471.014 + 734.218 + 792.726 + 333.427 = MXN2,331 Mil.
 Total Receivables was MXN1,075 Mil.
Revenue was 3168.627 + 3441.628 + 2986.113 + 2804.881 = MXN12,401 Mil.
Gross Profit was 2157.215 + 2314.044 + 2094.91 + 1909.321 = MXN8,475 Mil.
Total Current Assets was MXN11,860 Mil.
Total Assets was MXN18,482 Mil.
Property, Plant and Equipment(Net PPE) was MXN6,172 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN832 Mil.
Selling, General, & Admin. Expense(SGA) was MXN6,923 Mil.
Total Current Liabilities was MXN2,207 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,445 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)
=(1012.302 / 11698.634) / (1075.058 / 12401.249)
=0.086532 / 0.086689
=0.9982

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)
=(8475.49 / 12401.249) / (8145.414 / 11698.634)
=0.683438 / 0.696271
=0.9816

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 - (12077.094 + 5030.781) / 18316.877) / (1 - (11860.232 + 6171.502) / 18481.795)
=0.066005 / 0.024352
=2.7105

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
=11698.634 / 12401.249
=0.9433

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))
=(832.457 / (832.457 + 6171.502)) / (839.094 / (839.094 + 5030.781))
=0.118855 / 0.142949
=0.8315

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)
=(5360.36 / 11698.634) / (6922.539 / 12401.249)
=0.458204 / 0.558213
=0.8208

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)
=((1263.353 + 2048.479) / 18316.877) / ((1444.983 + 2207.44) / 18481.795)
=0.180808 / 0.197623
=0.9149

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
=(-389.158 - 733.486 - 2331.385) / 18316.877
=-0.188571

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.

10x Genomics has a M-score of -2.69 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 -2.57 mean?
10x Genomics (MEX:TXG) has a Beneish M-Score of -2.57 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on 10x Genomics and its competitors. According to the industry distribution chart, 10x Genomics ranks #323 out of 632 companies in the Healthcare Providers & Services industry, placing it in the top 51.1%.
Is 10x Genomics' Beneish M-Score too high?
10x Genomics' current Beneish M-Score is -2.57. Based on the distribution chart, 10x Genomics ranks #323 out of 632 companies in the Healthcare Providers & Services industry, which is below the industry midpoint. Overall, 10x Genomics has a GF Score™ of 68/100, reflecting its overall financial health beyond just this single metric.
How does 10x Genomics' Beneish M-Score compare to WAY and DOCS?
According to the Healthcare Providers & Services industry distribution chart, 10x Genomics ranks #323 out of 632 companies for Beneish M-Score. This places 10x Genomics 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 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 10x Genomics and its competitors. 10x Genomics's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is 10x Genomics stock overvalued right now?
10x Genomics (MEX:TXG) has a current Beneish M-Score of -2.57. The stock's GF Value™ is MXN200.14, compared to a current price of MXN335.54 — trading 67.7% above its estimated fair value. The current Beneish M-Score is -2.57. 10x Genomics' overall GF Score™ is 68/100 with 8 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 10x Genomics (MEX:TXG), the current Beneish M-Score is -2.57 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 10x Genomics (MEX:TXG) Overvalued in 2026?

Based on GuruFocus' analysis, 10x Genomics stock appears to be overvalued. The current stock price of MXN335.54 is trading 67.7% above its estimated GF Value™ of MXN200.14.

Key valuation signals for MEX:TXG:

  • Beneish M-Score: -2.57
  • GF Value™: MXN200.14 vs. price of MXN335.54 (67.7% above fair value)
  • GF Score™: 68/100 with 8 warning signs

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

10x Genomics Business Description

Other Exchanges TXG:USA0A88:UK1KJ:Germany
Address 6230 Stoneridge Mall Road, Pleasanton, CA, USA, 94588
10x Genomics Inc is a life science technology company based in the United States. Its solutions include instruments, consumables, and software for analyzing biological systems. The company's integrated solutions include instruments, consumables, and software for analyzing biological systems at a resolution and scale that matches the complexity of biology. Its product offerings include a Chromium platform comprising microfluidic chips and related consumables, Chromium X series, Visium and Xenium platforms, and others, which are predominantly used for the study of biological components. Geographically, the company derives operates from the United States and the rest from Americas (excluding the United States), Europe, Middle East and Africa, China, and Asia-Pacific (excluding China).
68GF Score

Get the complete analysis for MEX:TXG

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

MXN335.54
Price
MXN200.14
GF Value