MFCO (Microwave Filter Co) Beneish M-Score: -3.02 (As of Jun. 26, 2026)

What is Microwave Filter Co Beneish M-Score?

Microwave Filter Co MFCO 29 Beneish M-Score is -3.02 as of Jun. 26, 2026. GuruFocus rates MFCO with a GF Score™ of 29/100 and a GF Value™ of $0.33 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 2,404 Hardware companies, Microwave Filter Co ranks better than 83.19% 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 -3.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MFCO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: -3.04 Max: -3.02
Current: -3.02

During the past 13 years, the highest Beneish M-Score of Microwave Filter Co was -3.02. The lowest was -3.05. And the median was -3.04.

Microwave Filter Co Beneish M-Score Related Terms

Microwave Filter Co Beneish M-Score Historical Data

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The historical data trend for Microwave Filter Co'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.

Microwave Filter Co Beneish M-Score Chart

Microwave Filter Co Annual Data

Trend

Sep11

Sep12

Sep13

Sep14

Sep15

Sep16

Sep17

Sep18

Sep24

Sep25

Beneish M-Score

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0.00

-3.05

0.00

-3.02

Microwave Filter Co Semi-Annual Data
	Sep01	Sep02	Sep03	Sep04	Sep05	Sep06	Sep07	Sep08	Sep09	Sep10	Sep11	Sep12	Sep13	Sep14	Sep15	Sep16	Sep17	Sep18	Sep24	Sep25
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	-3.05	0.00	-3.02

MFCO vs ASNS, WLAN, MLRT: Beneish M-Score Comparison

For the Communication Equipment subindustry, Microwave Filter Co'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.

Microwave Filter Co Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Microwave Filter Co's Beneish M-Score distribution charts can be found below:

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

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29GF Score

Microwave Filter Co Inc MFCO

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

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Microwave Filter Co 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 Microwave Filter Co 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 * 1.5746

0.528 * 0.808

0.404 * 0

0.892 * 0.9008

0.115 * 0.9

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9364

4.679 * -0.071856

0.327 * 1.4329

-3.02

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was $0.28 Mil.
Revenue was $2.18 Mil.
Gross Profit was $0.70 Mil.
Total Current Assets was $1.07 Mil.
Total Assets was $1.67 Mil.
Property, Plant and Equipment(Net PPE) was $0.60 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.10 Mil.
Selling, General, & Admin. Expense(SGA) was $0.98 Mil.
Total Current Liabilities was $0.31 Mil.
Long-Term Debt & Capital Lease Obligation was $0.01 Mil.
Net Income was $-0.26 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $-0.15 Mil.

Total Receivables was $0.20 Mil.
Revenue was $2.42 Mil.
Gross Profit was $0.63 Mil.
Total Current Assets was $1.20 Mil.
Total Assets was $1.86 Mil.
Property, Plant and Equipment(Net PPE) was $0.66 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.10 Mil.
Selling, General, & Admin. Expense(SGA) was $1.16 Mil.
Total Current Liabilities was $0.23 Mil.
Long-Term Debt & Capital Lease Obligation was $0.01 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)
	=	(0.278 / 2.179)	/	(0.196 / 2.419)
	=	0.127581	/	0.081025
	=	1.5746

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)
	=	(0.627 / 2.419)	/	(0.699 / 2.179)
	=	0.259198	/	0.320789
	=	0.808

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 - (1.07 + 0.6) / 1.67)	/	(1 - (1.199 + 0.664) / 1.862)
	=	0	/	-0.000537
	=	0

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
	=	2.179	/	2.419
	=	0.9008

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))
	=	(0.097 / (0.097 + 0.664))	/	(0.099 / (0.099 + 0.6))
	=	0.127464	/	0.141631
	=	0.9

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)
	=	(0.981 / 2.179)	/	(1.163 / 2.419)
	=	0.450207	/	0.480777
	=	0.9364

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)
	=	((0.006 + 0.305) / 1.67)	/	((0.01 + 0.232) / 1.862)
	=	0.186228	/	0.129968
	=	1.4329

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
	=	(-0.263 - 0.002	-	-0.145)	/	1.67
	=	-0.071856

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.

Microwave Filter Co has a M-score of -3.02 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 -3.02 mean?

Microwave Filter Co (MFCO) has a Beneish M-Score of -3.02 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Microwave Filter Co and its competitors. According to the industry distribution chart, Microwave Filter Co ranks #404 out of 2404 companies in the Hardware industry, placing it in the top 16.8%.

Is Microwave Filter Co's Beneish M-Score too high?

Microwave Filter Co's current Beneish M-Score is -3.02. Based on the distribution chart, Microwave Filter Co ranks #404 out of 2404 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Microwave Filter Co has a GF Score™ of 29/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Microwave Filter Co's Beneish M-Score compare to ASNS and WLAN?

According to the Hardware industry distribution chart, Microwave Filter Co ranks #404 out of 2404 companies for Beneish M-Score. This places Microwave Filter Co in the top 17% of its industry — outperforming the majority of peers. 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 Hardware company?

A good Beneish M-Score depends on the Hardware 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 Microwave Filter Co and its competitors. Microwave Filter Co's current Beneish M-Score is -3.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Microwave Filter Co stock overvalued right now?

Based on GuruFocus' analysis, Microwave Filter Co (MFCO) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.33, compared to a current price of $1.30 — trading 293.9% above its estimated fair value. The current Beneish M-Score is -3.02. Microwave Filter Co's overall GF Score™ is 29/100 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 Microwave Filter Co (MFCO), the current Beneish M-Score is -3.02 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 Microwave Filter Co (MFCO) Overvalued in 2026?

Based on GuruFocus' analysis, Microwave Filter Co stock appears to be overvalued. The current stock price of $1.30 is trading 293.9% above its estimated GF Value™ of $0.33. GuruFocus considers Microwave Filter Co to be Significantly Overvalued.

Key valuation signals for MFCO:

Beneish M-Score: -3.02
GF Value™: $0.33 vs. price of $1.30 (293.9% above fair value)
GF Score™: 29/100 with 6 warning signs

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

Microwave Filter Co Business Description

Industry Technology Hardware

Comparable Companies ASNS WLAN MLRT MITQ SYNX VISL VMNT CLRO CMBMF CSCO SHSE:601138 SZSE:300308 SZSE:300502 CIEN OHEL:NOKIA MSI LITE HPE SZSE:300394 TPE:2345

Address 6743 Kinne Street, East Syracuse, Syracuse, NY, USA, 13057

Website https://www.microwavefilter.com

Microwave Filter Co Inc operates in the United States and designs, develops, manufactures and sells electronic filters for radio and microwave frequencies. Its products support signal distribution and interference prevention and serve cable television, broadcast, satellite, mobile radio, cellular including 5G, telephone, commercial, aerospace and defense markets. The Company offers filter products covering frequencies from 5 Hz to 50 GHz, including custom designs such as waveguide, stripline and microstrip, lumped element, dielectric resonator, and cavity and coaxial topologies. Its product range includes bandpass, bandstop, highpass and lowpass filters, combiners, couplers, diplexers, adaptors, and CATV headend channel deletion filters and networks for wireless and PCS applications.

29GF Score

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

$1.30

Price

$0.33

GF Value

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