NTCL (Netclass Technology) Beneish M-Score: 2.15 (As of Jul. 14, 2026)

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NTCL Netclass Technology Inc NTCL
14 GF Score
Price $4.10
! 8 Warning Signs
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What is Netclass Technology Beneish M-Score?

Netclass Technology NTCL -6.98% 14 Beneish M-Score is 2.15 as of Jul. 14, 2026. GuruFocus rates NTCL with a GF Score™ of 14/100. The stock has 8 warning signs investors should review. Among 2,631 Software companies, Netclass Technology ranks worse than 96.05% 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 2.15 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NTCL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.46   Med: -2.25   Max: 2.15
Current: 2.15

During the past 5 years, the highest Beneish M-Score of Netclass Technology was 2.15. The lowest was -3.46. And the median was -2.25.

Netclass Technology Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Netclass Technology'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.

Netclass Technology Beneish M-Score Chart

Netclass Technology Annual Data
Trend Sep21 Sep22 Sep23 Sep24 Sep25
Beneish M-Score
0.00 0.00 -2.25 -3.46 2.15

Netclass Technology Semi-Annual Data
Sep21 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial -2.25 0.00 -3.46 0.00 2.15

NTCL vs TWOH, IDAI, BTTC: Beneish M-Score Comparison

For the Software - Application subindustry, Netclass Technology'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.

Netclass Technology Beneish M-Score vs Software Industry

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

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


NTCL
14GF Score
Netclass Technology Inc NTCL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Netclass Technology 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 Netclass Technology 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 * 1.0853+0.528 * 1.0031+0.404 * 19.0673+0.892 * 0.9706+0.115 * 1.9974
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 9.6946+4.679 * -0.288559-0.327 * 0.984
=2.15

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was $5.58 Mil.
Revenue was $9.81 Mil.
Gross Profit was $2.24 Mil.
Total Current Assets was $8.86 Mil.
Total Assets was $13.81 Mil.
Property, Plant and Equipment(Net PPE) was $1.71 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.57 Mil.
Selling, General, & Admin. Expense(SGA) was $10.25 Mil.
Total Current Liabilities was $6.85 Mil.
Long-Term Debt & Capital Lease Obligation was $0.98 Mil.
Net Income was $-10.83 Mil.
Gross Profit was $-1.12 Mil.
Cash Flow from Operations was $-5.72 Mil.
 Total Receivables was $5.30 Mil.
Revenue was $10.10 Mil.
Gross Profit was $2.32 Mil.
Total Current Assets was $7.09 Mil.
Total Assets was $7.23 Mil.
Property, Plant and Equipment(Net PPE) was $0.05 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.05 Mil.
Selling, General, & Admin. Expense(SGA) was $1.09 Mil.
Total Current Liabilities was $4.17 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(5.581 / 9.805) / (5.298 / 10.102)
=0.569199 / 0.524451
=1.0853

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)
=(2.315 / 10.102) / (2.24 / 9.805)
=0.229163 / 0.228455
=1.0031

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 - (8.858 + 1.71) / 13.81) / (1 - (7.087 + 0.053) / 7.229)
=0.234757 / 0.012312
=19.0673

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
=9.805 / 10.102
=0.9706

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))
=(0.053 / (0.053 + 0.053)) / (0.571 / (0.571 + 1.71))
=0.5 / 0.250329
=1.9974

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)
=(10.247 / 9.805) / (1.089 / 10.102)
=1.045079 / 0.1078
=9.6946

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)
=((0.978 + 6.853) / 13.81) / ((0 + 4.166) / 7.229)
=0.567053 / 0.57629
=0.984

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
=(-10.825 - -1.121 - -5.719) / 13.81
=-0.288559

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.

Netclass Technology has a M-score of 2.15 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 2.15 mean?
Netclass Technology (NTCL) has a Beneish M-Score of 2.15 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Netclass Technology and its competitors. According to the industry distribution chart, Netclass Technology ranks #2527 out of 2631 companies in the Software industry, placing it in the top 96%.
Is Netclass Technology's Beneish M-Score too high?
Netclass Technology's current Beneish M-Score is 2.15. Based on the distribution chart, Netclass Technology ranks #2527 out of 2631 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Netclass Technology has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Netclass Technology's Beneish M-Score compare to TWOH and IDAI?
According to the Software industry distribution chart, Netclass Technology ranks #2527 out of 2631 companies for Beneish M-Score. This places Netclass Technology 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 Software company?
A good Beneish M-Score depends on the Software 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 Netclass Technology and its competitors. Netclass Technology's current Beneish M-Score is 2.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Netclass Technology stock overvalued right now?
Netclass Technology (NTCL) has a current Beneish M-Score of 2.15. The current Beneish M-Score is 2.15. Netclass Technology's overall GF Score™ is 14/100 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 Netclass Technology (NTCL), the current Beneish M-Score is 2.15 as of Jul. 14, 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.

Netclass Technology Business Description

Address 11 Keppel Road, Unit 11-03, ABI Plaza, Singapore, SGP, 089057
Netclass Technology Inc is a business-to-business smart education specialist, providing IT solutions to schools, training institutions, corporations, public agencies and other institutions or corporate customers. It offers SaaS subscription service and application development. The solution's modules include teaching management, campus management, online teaching, online examination, epidemic prevention and control, education credit blockchain system, and lecturer evaluation services.
14GF Score

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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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