PMAX (Powell Max) Beneish M-Score: 639.41 (As of Aug. 13, 2026) — Near Median

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PMAX Powell Max Ltd PMAX
13 GF Score
Price $1.61
! 7 Warning Signs
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What is Powell Max Beneish M-Score?

Powell Max PMAX 13 Beneish M-Score is 639.41 as of Aug. 13, 2026, which is at its 10-year median of 639.41. GuruFocus rates PMAX with a GF Score™ of 13/100. The stock has 7 warning signs investors should review. Among 705 Capital Markets companies, Powell Max ranks worse than 99.29% 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 639.41 higher than -1.78, which implies that the company might have manipulated its financial results.

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

PMAX' s Beneish M-Score Range Over the Past 10 Years
Min: 639.41   Med: 639.41   Max: 639.41
Current: 639.41

During the past 4 years, the highest Beneish M-Score of Powell Max was 639.41. The lowest was 639.41. And the median was 639.41.

Powell Max Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Powell Max'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.

Powell Max Beneish M-Score Chart

Powell Max Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 639.41

Powell Max Semi-Annual Data
Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 639.41

PMAX vs MWAI, NCPL, ABTS: Beneish M-Score Comparison

For the Capital Markets subindustry, Powell Max'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.

Powell Max Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Powell Max's Beneish M-Score distribution charts can be found below:

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


PMAX
13GF Score
Powell Max Ltd PMAX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Powell Max 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 Powell Max 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 * 1.0127+0.528 * 0.7967+0.404 * 1590.6855+0.892 * 1.3058+0.115 * 1.3824
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9181+4.679 * -0.149311-0.327 * 0.6211
=639.41

* 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 $1.36 Mil.
Revenue was $6.12 Mil.
Gross Profit was $3.03 Mil.
Total Current Assets was $3.59 Mil.
Total Assets was $5.45 Mil.
Property, Plant and Equipment(Net PPE) was $0.78 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.46 Mil.
Selling, General, & Admin. Expense(SGA) was $4.22 Mil.
Total Current Liabilities was $1.99 Mil.
Long-Term Debt & Capital Lease Obligation was $0.24 Mil.
Net Income was $-3.02 Mil.
Gross Profit was $-1.08 Mil.
Cash Flow from Operations was $-1.12 Mil.
 Total Receivables was $1.03 Mil.
Revenue was $4.69 Mil.
Gross Profit was $1.85 Mil.
Total Current Assets was $7.50 Mil.
Total Assets was $8.05 Mil.
Property, Plant and Equipment(Net PPE) was $0.55 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.57 Mil.
Selling, General, & Admin. Expense(SGA) was $3.52 Mil.
Total Current Liabilities was $5.16 Mil.
Long-Term Debt & Capital Lease Obligation was $0.13 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)
=(1.362 / 6.124) / (1.03 / 4.69)
=0.222404 / 0.219616
=1.0127

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)
=(1.85 / 4.69) / (3.032 / 6.124)
=0.394456 / 0.495101
=0.7967

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 - (3.587 + 0.784) / 5.445) / (1 - (7.502 + 0.547) / 8.05)
=0.197245 / 0.000124
=1590.6855

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
=6.124 / 4.69
=1.3058

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))
=(0.572 / (0.572 + 0.547)) / (0.46 / (0.46 + 0.784))
=0.511171 / 0.369775
=1.3824

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)
=(4.222 / 6.124) / (3.522 / 4.69)
=0.689419 / 0.750959
=0.9181

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)
=((0.236 + 1.988) / 5.445) / ((0.13 + 5.164) / 8.05)
=0.408448 / 0.65764
=0.6211

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
=(-3.02 - -1.083 - -1.124) / 5.445
=-0.149311

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.

Powell Max has a M-score of 639.41 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 639.41 mean?
Powell Max (PMAX) has a Beneish M-Score of 639.41 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Powell Max and its competitors. This is near median its historical median of 639.41. Over the past decade, Powell Max's Beneish M-Score has ranged from 639.41 to 639.41. According to the industry distribution chart, Powell Max ranks #700 out of 705 companies in the Capital Markets industry, placing it in the top 99.3%.
Is Powell Max's Beneish M-Score too high?
Powell Max's current Beneish M-Score of 639.41 is near median its 10-year median of 639.41. Over the past 10 years, this metric has ranged from a low of 639.41 to a high of 639.41. Based on the distribution chart, Powell Max ranks #700 out of 705 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Powell Max has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Powell Max's Beneish M-Score compare to MWAI and NCPL?
According to the Capital Markets industry distribution chart, Powell Max ranks #700 out of 705 companies for Beneish M-Score. This places Powell Max in the lower half of its industry. Historically, Powell Max's own Beneish M-Score has ranged from 639.41 to 639.41 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Powell Max and its competitors. Powell Max's current Beneish M-Score is 639.41, which is near median its own 10-year median of 639.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Powell Max stock overvalued right now?
Powell Max (PMAX) has a current Beneish M-Score of 639.41. The current Beneish M-Score is 639.41, which is near median its 10-year median of 639.41. Powell Max's overall GF Score™ is 13/100 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 Powell Max (PMAX), the current Beneish M-Score is 639.41 as of Aug. 13, 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.

Powell Max Business Description

Address 6501 Park of Commerce Boulevard, Suite 200, Boca Raton, FL, USA, 33487
Powell Max Ltd operates as a financial communications platform supporting listed companies and IPO applicants throughout the capital markets lifecycle. Substantially all of the company's revenue is generated from Hong Kong. The group focused on supporting the disclosure, reporting, and transaction needs of corporate clients and their advisors. Its mission is to combine industry knowledge, execution capabilities, and a commitment to service to deliver accurate, timely, and reliable solutions for customers.
13GF 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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