NRRWF (Nuran Wireless) Beneish M-Score: 197.49 (As of Jun. 24, 2026)


NRRWF Nuran Wireless Inc NRRWF
41 GF Score
Price $3.65
GF Value $3.22
Valuation Modestly Overvalued
! 11 Warning Signs
View Full Analysis

What is Nuran Wireless Beneish M-Score?

Nuran Wireless NRRWF +0.27% 41 Beneish M-Score is 197.49 as of Jun. 24, 2026. GuruFocus rates NRRWF with a GF Score™ of 41/100 and a GF Value™ of $3.22 (Modestly Overvalued). The stock has 11 warning signs investors should review. Among 2,403 Hardware companies, Nuran Wireless ranks worse than 99.96% 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 197.49 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NRRWF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.87   Med: -2.63   Max: 197.49
Current: 197.49

During the past 11 years, the highest Beneish M-Score of Nuran Wireless was 197.49. The lowest was -4.87. And the median was -2.63.

Nuran Wireless Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nuran Wireless'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.

Nuran Wireless Beneish M-Score Chart

Nuran Wireless Annual Data
Trend Oct15 Oct16 Oct17 Oct18 Oct19 Oct20 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -4.59 0.01 -2.21 -3.33 -3.62

Nuran Wireless Quarterly Data
Jan21 Apr21 Jul21 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 -2.67 -2.62 -4.17 -3.62 197.49

NRRWF vs CSCO, CIEN, MSI: Beneish M-Score Comparison

For the Communication Equipment subindustry, Nuran Wireless'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.

Nuran Wireless Beneish M-Score vs Hardware Industry

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

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


NRRWF
41GF Score
Nuran Wireless Inc NRRWF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nuran Wireless 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 Nuran Wireless 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 * 1.6524+0.528 * 462.6152+0.404 * 0.9569+0.892 * 0.4677+0.115 * 3.6494
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.9825+4.679 * -0.415712-0.327 * 0.6014
=239.68

* 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 $5.06 Mil.
Revenue was 0.635 + 0.449 + 0.454 + 0.459 = $2.00 Mil.
Gross Profit was 0.459 + -0.636 + 0.362 + -0.182 = $0.00 Mil.
Total Current Assets was $11.94 Mil.
Total Assets was $20.34 Mil.
Property, Plant and Equipment(Net PPE) was $2.96 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.38 Mil.
Selling, General, & Admin. Expense(SGA) was $3.85 Mil.
Total Current Liabilities was $17.68 Mil.
Long-Term Debt & Capital Lease Obligation was $0.24 Mil.
Net Income was -1.482 + -9.432 + -2.244 + -2.592 = $-15.75 Mil.
Non Operating Income was 0.138 + -4.565 + 0.006 + -0.33 = $-4.75 Mil.
Cash Flow from Operations was -1.589 + -1.345 + 0.794 + -0.403 = $-2.54 Mil.
 Total Receivables was $6.55 Mil.
Revenue was 1.539 + 0.474 + 1.154 + 1.103 = $4.27 Mil.
Gross Profit was 1.322 + 0.213 + 0.565 + 0.867 = $2.97 Mil.
Total Current Assets was $12.94 Mil.
Total Assets was $18.39 Mil.
Property, Plant and Equipment(Net PPE) was $0.30 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.22 Mil.
Selling, General, & Admin. Expense(SGA) was $4.15 Mil.
Total Current Liabilities was $26.92 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)
=(5.064 / 1.997) / (6.553 / 4.27)
=2.535804 / 1.53466
=1.6524

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)
=(2.967 / 4.27) / (0.003 / 1.997)
=0.694848 / 0.001502
=462.6152

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 - (11.937 + 2.956) / 20.341) / (1 - (12.941 + 0.301) / 18.389)
=0.267833 / 0.279896
=0.9569

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
=1.997 / 4.27
=0.4677

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))
=(0.215 / (0.215 + 0.301)) / (0.381 / (0.381 + 2.956))
=0.416667 / 0.114174
=3.6494

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)
=(3.846 / 1.997) / (4.148 / 4.27)
=1.925889 / 0.971429
=1.9825

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)
=((0.235 + 17.683) / 20.341) / ((0.012 + 26.924) / 18.389)
=0.880881 / 1.464789
=0.6014

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
=(-15.75 - -4.751 - -2.543) / 20.341
=-0.415712

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.

Nuran Wireless has a M-score of 239.68 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 197.49 mean?
Nuran Wireless (NRRWF) has a Beneish M-Score of 197.49 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nuran Wireless and its competitors. According to the industry distribution chart, Nuran Wireless ranks #2402 out of 2403 companies in the Hardware industry.
Is Nuran Wireless' Beneish M-Score too high?
Nuran Wireless' current Beneish M-Score is 197.49. Based on the distribution chart, Nuran Wireless ranks #2402 out of 2403 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Nuran Wireless has a GF Score™ of 41/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nuran Wireless' Beneish M-Score compare to CSCO and CIEN?
According to the Hardware industry distribution chart, Nuran Wireless ranks #2402 out of 2403 companies for Beneish M-Score. This places Nuran Wireless 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 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 Nuran Wireless and its competitors. Nuran Wireless's current Beneish M-Score is 197.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nuran Wireless stock overvalued right now?
Based on GuruFocus' analysis, Nuran Wireless (NRRWF) is currently considered Modestly Overvalued. The stock's GF Value™ is $3.22, compared to a current price of $3.65 — trading 13.4% above its estimated fair value. The current Beneish M-Score is 197.49. Nuran Wireless' overall GF Score™ is 41/100 with 11 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 Nuran Wireless (NRRWF), the current Beneish M-Score is 197.49 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 Nuran Wireless (NRRWF) Overvalued in 2026?

Based on GuruFocus' analysis, Nuran Wireless stock appears to be overvalued. The current stock price of $3.65 is trading 13.4% above its estimated GF Value™ of $3.22. GuruFocus considers Nuran Wireless to be Modestly Overvalued.

Key valuation signals for NRRWF:

  • Beneish M-Score: 197.49
  • GF Value™: $3.22 vs. price of $3.65 (13.4% above fair value)
  • GF Score™: 41/100 with 11 warning signs

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

Nuran Wireless Business Description

Other Exchanges 1RN:GermanyNUR:Canada
Address 2150 Cyrille-Duquet Street, Suite 100, Quebec, QC, CAN, G1N 2G3
Nuran Wireless Inc is engaged in the Network as a Service (NAAS) business. The group operates in the research, development, manufacturing, marketing, and operation of digital electronic circuits and wireless telecommunication products and offers services in the mobile telephony industry. It also provides products and services that help mobile network operators profitably serve off-grid markets that are currently not served. It has two reportable segments: NaaS and Direct Sales. The majority of the revenue is derived from Africa.
41GF Score

Get the complete analysis for NRRWF

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

$3.65
Price
$3.22
GF Value