MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) Beneish M-Score: 15.52 (As of Aug. 09, 2026) — 3202% Above Median

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MMD NYLI MacKay DefinedTerm Muni Opportunities Fund MMD
32 GF Score
Price $15.01
! 3 Warning Signs
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What is NYLI MacKay DefinedTerm Muni Opportunities Fund Beneish M-Score?

NYLI MacKay DefinedTerm Muni Opportunities Fund MMD +0.60% 32 Beneish M-Score is 15.52 as of Aug. 09, 2026, which is 3202% above its 10-year median of 0.47. GuruFocus rates MMD with a GF Score™ of 32/100. The stock has 3 warning signs investors should review. Among 951 Asset Management companies, NYLI MacKay DefinedTerm Muni Opportunities Fund ranks worse than 97.06% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

Warning Sign:

Beneish M-Score 15.52 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for NYLI MacKay DefinedTerm Muni Opportunities Fund's Beneish M-Score or its related term are showing as below:

MMD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.24   Med: 0.47   Max: 15.52
Current: 15.52

During the past 11 years, the highest Beneish M-Score of NYLI MacKay DefinedTerm Muni Opportunities Fund was 15.52. The lowest was -2.24. And the median was 0.47.

MMD
32GF Score
NYLI MacKay DefinedTerm Muni Opportunities Fund MMD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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NYLI MacKay DefinedTerm Muni Opportunities Fund 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 NYLI MacKay DefinedTerm Muni Opportunities Fund 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 * 0.0468+0.528 * 1+0.404 * 1+0.892 * 21.8302+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.0428+4.679 * 0.026795-0.327 * 0.985
=15.52

* 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 (May26) TTM:Last Year (May25) TTM:
Total Receivables was $7.54 Mil.
Revenue was $26.35 Mil.
Gross Profit was $26.35 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $485.28 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.41 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $174.16 Mil.
Net Income was $26.07 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $13.07 Mil.
 Total Receivables was $7.39 Mil.
Revenue was $1.21 Mil.
Gross Profit was $1.21 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $475.61 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.44 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $173.29 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)
=(7.539 / 26.349) / (7.385 / 1.207)
=0.286121 / 6.118476
=0.0468

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)
=(1.207 / 1.207) / (26.349 / 26.349)
=1 / 1
=1

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 - (0 + 0) / 485.281) / (1 - (0 + 0) / 475.611)
=1 / 1
=1

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
=26.349 / 1.207
=21.8302

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 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(0.406 / 26.349) / (0.435 / 1.207)
=0.015409 / 0.360398
=0.0428

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)
=((174.16 + 0) / 485.281) / ((173.285 + 0) / 475.611)
=0.358885 / 0.364342
=0.985

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
=(26.072 - 0 - 13.069) / 485.281
=0.026795

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.

NYLI MacKay DefinedTerm Muni Opportunities Fund has a M-score of 15.52 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 15.52 mean?
NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has a Beneish M-Score of 15.52 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NYLI MacKay DefinedTerm Muni Opportunities Fund and its competitors. This is 3202% above median its historical median of 0.47. According to the industry distribution chart, NYLI MacKay DefinedTerm Muni Opportunities Fund ranks #923 out of 951 companies in the Asset Management industry, placing it in the top 97.1%.
Is NYLI MacKay DefinedTerm Muni Opportunities Fund's Beneish M-Score too high?
NYLI MacKay DefinedTerm Muni Opportunities Fund's current Beneish M-Score of 15.52 is 3202% above median its 10-year median of 0.47. Based on the distribution chart, NYLI MacKay DefinedTerm Muni Opportunities Fund ranks #923 out of 951 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, NYLI MacKay DefinedTerm Muni Opportunities Fund has a GF Score™ of 32/100, reflecting its overall financial health beyond just this single metric.
How does NYLI MacKay DefinedTerm Muni Opportunities Fund's Beneish M-Score compare to PMO and EFT?
According to the Asset Management industry distribution chart, NYLI MacKay DefinedTerm Muni Opportunities Fund ranks #923 out of 951 companies for Beneish M-Score. This places NYLI MacKay DefinedTerm Muni Opportunities Fund 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 NYLI MacKay DefinedTerm Muni Opportunities Fund and its competitors. NYLI MacKay DefinedTerm Muni Opportunities Fund's current Beneish M-Score is 15.52, which is 3202% above median its own 10-year median of 0.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NYLI MacKay DefinedTerm Muni Opportunities Fund stock overvalued right now?
NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has a current Beneish M-Score of 15.52. The current Beneish M-Score is 15.52, which is 3202% above median its 10-year median of 0.47. NYLI MacKay DefinedTerm Muni Opportunities Fund's overall GF Score™ is 32/100 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 NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD), the current Beneish M-Score is 15.52 as of Aug. 09, 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.

NYLI MacKay DefinedTerm Muni Opportunities Fund Business Description

Address 51 Madison Avenue, New York, NY, USA, 10010
NYLI MacKay DefinedTerm Muni Opportunities Fund is a USA-based diversified closed-end management investment company. The fund's investment objective is to seek current income exempt from regular U.S. Federal income taxes as well as total return. The company predominantly invests in municipal bonds, the interest on which is, in the opinion of bond counsel to the issuers, generally excludable from gross income for regular U.S. Federal income tax purposes.
32GF Score

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