QBAK (Qualstar) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Qualstar Beneish M-Score?

Qualstar QBAK 12 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates QBAK with a GF Score™ of 12/100.

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.

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

During the past 13 years, the highest Beneish M-Score of Qualstar was 0.00. The lowest was 0.00. And the median was 0.00.

Qualstar Beneish M-Score Related Terms

Qualstar Beneish M-Score Historical Data

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The historical data trend for Qualstar'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.

Qualstar Beneish M-Score Chart

Qualstar Annual Data

Trend

Jun10

Jun11

Jun12

Jun13

Jun14

Jun15

Dec16

Dec17

Dec18

Dec19

Beneish M-Score

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-1.79

0.00

-2.84

-1.58

-2.03

Qualstar Quarterly Data
	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Sep22	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-2.43	-2.03	-3.03	-3.17	-2.57

QBAK vs POLA, OZSC, XPON: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Qualstar'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.

Qualstar Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Qualstar's Beneish M-Score distribution charts can be found below:

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

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Qualstar Corp QBAK

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Qualstar 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 Qualstar for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9964

0.528 * 0.9564

0.404 * 1.7854

0.892 * 0.8819

0.115 * -1.058

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1959

4.679 * -0.019608

0.327 * 0.7469

-2.57

This Year (Sep23) TTM:

Last Year (Sep19) TTM:

Total Receivables was $1.91 Mil.
Revenue was 3.142 + 2.746 + 2.054 + 3.441 = $11.38 Mil.
Gross Profit was 0.981 + 0.844 + 0.67 + 0.844 = $3.34 Mil.
Total Current Assets was $7.10 Mil.
Total Assets was $7.45 Mil.
Property, Plant and Equipment(Net PPE) was $0.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.16 Mil.
Selling, General, & Admin. Expense(SGA) was $3.01 Mil.
Total Current Liabilities was $1.77 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 0.161 + 0.131 + -0.156 + -0.186 = $-0.05 Mil.
Non Operating Income was -0.018 + -0.017 + 0.008 + 0.012 = $-0.02 Mil.
Cash Flow from Operations was 0 + 0 + 0.438 + -0.327 = $0.11 Mil.

Total Receivables was $2.18 Mil.
Revenue was 3.703 + 3.439 + 2.856 + 2.909 = $12.91 Mil.
Gross Profit was 0.954 + 0.805 + 0.92 + 0.942 = $3.62 Mil.
Total Current Assets was $9.53 Mil.
Total Assets was $10.53 Mil.
Property, Plant and Equipment(Net PPE) was $0.87 Mil.
Depreciation, Depletion and Amortization(DDA) was $-0.29 Mil.
Selling, General, & Admin. Expense(SGA) was $2.85 Mil.
Total Current Liabilities was $2.85 Mil.
Long-Term Debt & Capital Lease Obligation was $0.49 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)
	=	(1.913 / 11.383)	/	(2.177 / 12.907)
	=	0.168058	/	0.168668
	=	0.9964

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)
	=	(3.621 / 12.907)	/	(3.339 / 11.383)
	=	0.280545	/	0.293332
	=	0.9564

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 - (7.097 + 0.181) / 7.446)	/	(1 - (9.526 + 0.866) / 10.525)
	=	0.022562	/	0.012637
	=	1.7854

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
	=	11.383	/	12.907
	=	0.8819

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))
	=	(-0.286 / (-0.286 + 0.866))	/	(0.158 / (0.158 + 0.181))
	=	-0.493103	/	0.466077
	=	-1.058

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)
	=	(3.007 / 11.383)	/	(2.851 / 12.907)
	=	0.264166	/	0.220888
	=	1.1959

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 + 1.767) / 7.446)	/	((0.494 + 2.85) / 10.525)
	=	0.237309	/	0.31772
	=	0.7469

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
	=	(-0.05 - -0.015	-	0.111)	/	7.446
	=	-0.019608

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.

Qualstar has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Qualstar (QBAK) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Qualstar and its competitors.

Is Qualstar's Beneish M-Score too high?

Qualstar's current Beneish M-Score is 0.00. Overall, Qualstar has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.

How does Qualstar's Beneish M-Score compare to POLA and OZSC?

Qualstar's Beneish M-Score of 0.00 can be compared against companies in the Industrial Products 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 an Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 Qualstar and its competitors. Qualstar's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Qualstar stock overvalued right now?

Qualstar (QBAK) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Qualstar's overall GF Score™ is 12/100. 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 Qualstar (QBAK), the current Beneish M-Score is 0.00 as of Jun. 25, 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.

Qualstar Business Description

Industry Industrials Industrial Products

Comparable Companies POLA OZSC XPON NXU PWDY TOGI KRFG DCFCQ CHEV BSTK SZSE:300750 XSWX:ABBN XKRX:373220 HAM:OSR BKK:DELTA TSE:6503 VRT XPAR:LR SZSE:300274 HUBB

Address 1267 Flynn Road, Suite 105, Camarillo, CA, USA, 93012

Website https://www.qualstar.com

Qualstar Corp is a U.S.-based provider of data storage systems marketed under the Qualstar brand and power solutions marketed under the N2Power brand. The company operates through the Data Storage segment, which generates the majority of its revenue. It manufactures automated magnetic tape libraries to store, retrieve, and manage electronic data for archive, backup, and recovery, and provides technical customer support services. The Power Supplies segment designs and markets high-efficiency switching power supplies for electronic equipment. The company utilizes contract manufacturers in Asia and sells its products globally through authorized resellers and directly to OEMs. It operates in North America, Europe, Asia Pacific, and others, with the majority of its revenue from North America.

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