NIVF (NewGenIvf Group) Beneish M-Score: 27.86 (As of Jul. 26, 2026) — 65% Above Median

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NIVF NewGenIvf Group Ltd NIVF
14 GF Score
Price $1.12
! 4 Warning Signs
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What is NewGenIvf Group Beneish M-Score?

NewGenIvf Group NIVF -9.09% 14 Beneish M-Score is 27.86 as of Jul. 26, 2026, which is 65% above its 10-year median of 16.88. GuruFocus rates NIVF with a GF Score™ of 14/100. The stock has 4 warning signs investors should review. Among 626 Healthcare Providers & Services companies, NewGenIvf Group ranks worse than 99.36% 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.

Warning Sign:

Beneish M-Score 27.86 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NIVF' s Beneish M-Score Range Over the Past 10 Years
Min: 5.9   Med: 16.88   Max: 27.86
Current: 27.86

During the past 5 years, the highest Beneish M-Score of NewGenIvf Group was 27.86. The lowest was 5.90. And the median was 16.88.

NewGenIvf Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for NewGenIvf Group'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.

NewGenIvf Group Beneish M-Score Chart

NewGenIvf Group Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 5.90 27.86

NewGenIvf Group Quarterly Data
Dec21 Dec22 Jun23 Dec23 Sep24 Dec24 Jun25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 5.90 0.00 0.00 27.86

NIVF vs RHEP, XCRT, SYRA: Beneish M-Score Comparison

For the Medical Care Facilities subindustry, NewGenIvf Group'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.

NewGenIvf Group Beneish M-Score vs Healthcare Providers & Services Industry

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

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


NIVF
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NewGenIvf Group Ltd NIVF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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NewGenIvf Group 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 NewGenIvf Group 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 * 0.9016+0.528 * 1.6624+0.404 * 76.3607+0.892 * 0.8699+0.115 * 1.9941
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 4.496+4.679 * -0.008068-0.327 * 0.1456
=27.86

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $1.07 Mil.
Revenue was $4.73 Mil.
Gross Profit was $0.96 Mil.
Total Current Assets was $7.38 Mil.
Total Assets was $32.72 Mil.
Property, Plant and Equipment(Net PPE) was $2.29 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.50 Mil.
Selling, General, & Admin. Expense(SGA) was $11.68 Mil.
Total Current Liabilities was $2.37 Mil.
Long-Term Debt & Capital Lease Obligation was $4.37 Mil.
Net Income was $9.88 Mil.
Gross Profit was $21.07 Mil.
Cash Flow from Operations was $-10.93 Mil.
 Total Receivables was $1.36 Mil.
Revenue was $5.43 Mil.
Gross Profit was $1.83 Mil.
Total Current Assets was $3.17 Mil.
Total Assets was $3.58 Mil.
Property, Plant and Equipment(Net PPE) was $0.37 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.21 Mil.
Selling, General, & Admin. Expense(SGA) was $2.99 Mil.
Total Current Liabilities was $2.72 Mil.
Long-Term Debt & Capital Lease Obligation was $2.34 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)
=(1.069 / 4.726) / (1.363 / 5.433)
=0.226196 / 0.250874
=0.9016

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)
=(1.827 / 5.433) / (0.956 / 4.726)
=0.336278 / 0.202285
=1.6624

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 - (7.384 + 2.293) / 32.723) / (1 - (3.173 + 0.372) / 3.578)
=0.704275 / 0.009223
=76.3607

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
=4.726 / 5.433
=0.8699

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))
=(0.206 / (0.206 + 0.372)) / (0.499 / (0.499 + 2.293))
=0.356401 / 0.178725
=1.9941

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)
=(11.682 / 4.726) / (2.987 / 5.433)
=2.471858 / 0.549788
=4.496

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)
=((4.37 + 2.366) / 32.723) / ((2.339 + 2.72) / 3.578)
=0.205849 / 1.413918
=0.1456

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
=(9.879 - 21.069 - -10.926) / 32.723
=-0.008068

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.

NewGenIvf Group has a M-score of 27.86 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 27.86 mean?
NewGenIvf Group (NIVF) has a Beneish M-Score of 27.86 as of Jul. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NewGenIvf Group and its competitors. This is 65% above median its historical median of 16.88. Over the past decade, NewGenIvf Group's Beneish M-Score has ranged from 5.90 to 27.86. According to the industry distribution chart, NewGenIvf Group ranks #622 out of 626 companies in the Healthcare Providers & Services industry, placing it in the top 99.4%.
Is NewGenIvf Group's Beneish M-Score too high?
NewGenIvf Group's current Beneish M-Score of 27.86 is 65% above median its 10-year median of 16.88. Over the past 10 years, this metric has ranged from a low of 5.90 to a high of 27.86. Based on the distribution chart, NewGenIvf Group ranks #622 out of 626 companies in the Healthcare Providers & Services industry, which is in the bottom quartile relative to peers. Overall, NewGenIvf Group has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does NewGenIvf Group's Beneish M-Score compare to RHEP and XCRT?
According to the Healthcare Providers & Services industry distribution chart, NewGenIvf Group ranks #622 out of 626 companies for Beneish M-Score. This places NewGenIvf Group in the lower half of its industry. Historically, NewGenIvf Group's own Beneish M-Score has ranged from 5.90 to 27.86 over the past decade. 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 NewGenIvf Group and its competitors. NewGenIvf Group's current Beneish M-Score is 27.86, which is 65% above median its own 10-year median of 16.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NewGenIvf Group stock overvalued right now?
NewGenIvf Group (NIVF) has a current Beneish M-Score of 27.86. The current Beneish M-Score is 27.86, which is 65% above median its 10-year median of 16.88. NewGenIvf Group's overall GF Score™ is 14/100 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 NewGenIvf Group (NIVF), the current Beneish M-Score is 27.86 as of Jul. 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.

NewGenIvf Group Business Description

Address Sukhumvit 21 Road, Asoke, 36/39-36/40, 13th Floor, PS Tower, Khlong Toei Nuea Sub-district, Watthana District, Bangkok, THA, 10110
NewGenIvf Group Ltd is a tech-forward, diversified, multi-jurisdictional entity capitalizing on emerging opportunities across real estate development, digital asset innovation, and reproductive health solutions. The company offers two services, namely: in vitro fertilization (IVF) treatment service, comprising traditional IVF and egg donation; and fertility referral services, like surrogacy and ancillary caring services. It derives maximum revenue from in vitro fertilization (IVF) treatment service. Its Geographical presence is in China / HK SAR, Thailand, Cambodia, U.S and Kyrgyzstan. The company derives maximum revenue from Kyrgyzstan.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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