ORXOF (Orexo AB) Beneish M-Score: 1.59 (As of Jun. 24, 2026)


ORXOF Orexo AB ORXOF
34 GF Score
Price $2.10
GF Value $0.68
Valuation Significantly Overvalued
! 7 Warning Signs
View Full Analysis

What is Orexo AB Beneish M-Score?

Orexo AB ORXOF 34 Beneish M-Score is 1.59 as of Jun. 24, 2026. GuruFocus rates ORXOF with a GF Score™ of 34/100 and a GF Value™ of $0.68 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 911 Drug Manufacturers companies, Orexo AB ranks worse than 96.16% 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 1.59 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ORXOF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55   Med: -2.77   Max: 1.59
Current: 1.59

During the past 13 years, the highest Beneish M-Score of Orexo AB was 1.59. The lowest was -3.55. And the median was -2.77.


Orexo AB Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Orexo AB'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.

Orexo AB Beneish M-Score Chart

Orexo AB Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.42 -2.44 -2.77 -3.21 0.26

Orexo AB Quarterly Data
Jun21 Sep21 Dec21 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 -3.25 -3.27 -3.02 0.26 1.59

ORXOF vs ZTS: Beneish M-Score Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Orexo AB'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.


Orexo AB Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Orexo AB's Beneish M-Score distribution charts can be found below:

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


ORXOF
34GF Score
Orexo AB ORXOF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Orexo AB 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 Orexo AB 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 * 0.5674+0.528 * 0.9215+0.404 * 0.8261+0.892 * 0.8623+0.115 * 1.1544
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0219+4.679 * 0.970143-0.327 * 0.3076
=1.67

* 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 $9.68 Mil.
Revenue was 0.537 + 0.355 + 12.664 + 12.379 = $25.94 Mil.
Gross Profit was 0.494 + 0.075 + 11.907 + 11.5 = $23.98 Mil.
Total Current Assets was $51.12 Mil.
Total Assets was $65.51 Mil.
Property, Plant and Equipment(Net PPE) was $5.40 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.92 Mil.
Selling, General, & Admin. Expense(SGA) was $22.30 Mil.
Total Current Liabilities was $25.24 Mil.
Long-Term Debt & Capital Lease Obligation was $0.30 Mil.
Net Income was -14.371 + 77.99 + -3.179 + -4.168 = $56.27 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -3.574 + -2.539 + -1.099 + -0.073 = $-7.29 Mil.
Total Receivables was $19.79 Mil.
Revenue was 1.303 + 0.746 + 13.344 + 14.685 = $30.08 Mil.
Gross Profit was 0.839 + 0.273 + 11.379 + 13.131 = $25.62 Mil.
Total Current Assets was $35.11 Mil.
Total Assets was $52.21 Mil.
Property, Plant and Equipment(Net PPE) was $8.42 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.52 Mil.
Selling, General, & Admin. Expense(SGA) was $25.30 Mil.
Total Current Liabilities was $20.29 Mil.
Long-Term Debt & Capital Lease Obligation was $45.88 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)
=(9.681 / 25.935) / (19.787 / 30.078)
=0.373279 / 0.657856
=0.5674

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)
=(25.622 / 30.078) / (23.976 / 25.935)
=0.851852 / 0.924465
=0.9215

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 - (51.121 + 5.399) / 65.513) / (1 - (35.114 + 8.418) / 52.207)
=0.13727 / 0.166165
=0.8261

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
=25.935 / 30.078
=0.8623

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))
=(15.518 / (15.518 + 8.418)) / (6.916 / (6.916 + 5.399))
=0.648312 / 0.561592
=1.1544

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)
=(22.295 / 25.935) / (25.303 / 30.078)
=0.859649 / 0.841246
=1.0219

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)
=((0.301 + 25.244) / 65.513) / ((45.881 + 20.291) / 52.207)
=0.389923 / 1.267493
=0.3076

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
=(56.272 - 0 - -7.285) / 65.513
=0.970143

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.

Orexo AB has a M-score of 1.67 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 1.59 mean?
Orexo AB (ORXOF) has a Beneish M-Score of 1.59 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Orexo AB and its competitors. According to the industry distribution chart, Orexo AB ranks #876 out of 911 companies in the Drug Manufacturers industry, placing it in the top 96.2%.
Is Orexo AB's Beneish M-Score too high?
Orexo AB's current Beneish M-Score is 1.59. Based on the distribution chart, Orexo AB ranks #876 out of 911 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Orexo AB has a GF Score™ of 34/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Orexo AB's Beneish M-Score compare to ZTS?
According to the Drug Manufacturers industry distribution chart, Orexo AB ranks #876 out of 911 companies for Beneish M-Score. This places Orexo AB 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 Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers 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 Orexo AB and its competitors. Orexo AB's current Beneish M-Score is 1.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Orexo AB stock overvalued right now?
Based on GuruFocus' analysis, Orexo AB (ORXOF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.68, compared to a current price of $2.10 — trading 208.8% above its estimated fair value. The current Beneish M-Score is 1.59. Orexo AB's overall GF Score™ is 34/100 with 7 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 Orexo AB (ORXOF), the current Beneish M-Score is 1.59 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 Orexo AB (ORXOF) Overvalued in 2026?

Based on GuruFocus' analysis, Orexo AB stock appears to be overvalued. The current stock price of $2.10 is trading 208.8% above its estimated GF Value™ of $0.68. GuruFocus considers Orexo AB to be Significantly Overvalued.

Key valuation signals for ORXOF:

  • Beneish M-Score: 1.59
  • GF Value™: $0.68 vs. price of $2.10 (208.8% above fair value)
  • GF Score™: 34/100 with 7 warning signs

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


Orexo AB Business Description

Address Virdings alle 22, Uppsala, SWE, 75105
Orexo AB is a Swedish pharmaceutical company dedicated to advancing treatments for severe diseases and life-saving rescue medications to meet future healthcare needs, developing improved medications based on proprietary drug delivery technologies. At the core of its innovation is AmorphOX, which improves bioavailability and stability for both large and small molecules. It has developed four drugs from concept to approval, including Zubsolv, Abstral, Edluar, and Diabact UBT. The company's current development efforts focus on AmorphOX, with projects in preclinical and clinical phases across multiple therapeutic areas. It operates through US Commercial and HQ & Pipeline, which generate maximum revenue, and operates in the US, EU, and UK generating maximum revenue, and the Rest of the World.
34GF Score

Get the complete analysis for ORXOF

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

$2.10
Price
$0.68
GF Value