RBCN (Rubicon Technology) Beneish M-Score: -5.18 (As of Jun. 24, 2026)


RBCN Rubicon Technology Inc RBCN
36 GF Score
Price $5.77
! 6 Warning Signs
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What is Rubicon Technology Beneish M-Score?

Rubicon Technology RBCN 36 Beneish M-Score is -5.18 as of Jun. 24, 2026. GuruFocus rates RBCN with a GF Score™ of 36/100. The stock has 6 warning signs investors should review. Among 987 Semiconductors companies, Rubicon Technology ranks better than 97.37% 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.

Good Sign:

Beneish M-Score -5.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

RBCN' s Beneish M-Score Range Over the Past 10 Years
Min: -26.48   Med: -4.33   Max: -1.14
Current: -5.18

During the past 13 years, the highest Beneish M-Score of Rubicon Technology was -1.14. The lowest was -26.48. And the median was -4.33.

Rubicon Technology Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Rubicon 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.

Rubicon Technology Beneish M-Score Chart

Rubicon Technology Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -3.12 -2.01 -1.62 -16.27

Rubicon Technology Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Mar25 Jun25
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 -26.48 -6.51 -5.53 -3.44 -5.18

RBCN vs SODI, SCIA, GSTX: Beneish M-Score Comparison

For the Semiconductor Equipment & Materials subindustry, Rubicon 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.

Rubicon Technology Beneish M-Score vs Semiconductors Industry

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

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


RBCN
36GF Score
Rubicon Technology Inc RBCN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Rubicon 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 Rubicon 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 * 1.0535+0.528 * -0.0175+0.404 * 0+0.892 * 0.7028+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.834+4.679 * -0.311321-0.327 * 1.3533
=-5.18

* 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 (Jun25) TTM:Last Year (Mar24) TTM:
Total Receivables was $0.35 Mil.
Revenue was 0.218 + 0.218 + 0.259 + 0.563 = $1.26 Mil.
Gross Profit was 0.128 + 0.137 + 0.141 + 0.357 = $0.76 Mil.
Total Current Assets was $0.74 Mil.
Total Assets was $0.74 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $1.02 Mil.
Total Current Liabilities was $0.68 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.152 + -0.149 + -0.058 + 0.147 = $-0.21 Mil.
Non Operating Income was 0.01 + 0 + 0.002 + 0 = $0.01 Mil.
Cash Flow from Operations was -0.221 + -0.039 + 0.062 + 0.205 = $0.01 Mil.
 Total Receivables was $0.47 Mil.
Revenue was 0.482 + 0.425 + 0.475 + 0.408 = $1.79 Mil.
Gross Profit was 0.245 + -0.154 + 0.292 + -0.402 = $-0.02 Mil.
Total Current Assets was $0.95 Mil.
Total Assets was $1.07 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.04 Mil.
Selling, General, & Admin. Expense(SGA) was $1.75 Mil.
Total Current Liabilities was $0.72 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)
=(0.348 / 1.258) / (0.47 / 1.79)
=0.27663 / 0.26257
=1.0535

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)
=(-0.019 / 1.79) / (0.763 / 1.258)
=-0.010615 / 0.606518
=-0.0175

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 - (0.742 + 0) / 0.742) / (1 - (0.948 + 0) / 1.071)
=0 / 0.114846
=0

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
=1.258 / 1.79
=0.7028

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))
=(0.044 / (0.044 + 0)) / (0 / (0 + 0))
=1 /
=1

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)
=(1.024 / 1.258) / (1.747 / 1.79)
=0.81399 / 0.975978
=0.834

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 + 0.676) / 0.742) / ((0 + 0.721) / 1.071)
=0.911051 / 0.673203
=1.3533

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
=(-0.212 - 0.012 - 0.007) / 0.742
=-0.311321

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.

Rubicon Technology has a M-score of -5.18 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 -5.18 mean?
Rubicon Technology (RBCN) has a Beneish M-Score of -5.18 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rubicon Technology and its competitors. According to the industry distribution chart, Rubicon Technology ranks #26 out of 987 companies in the Semiconductors industry, placing it in the top 2.6%.
Is Rubicon Technology's Beneish M-Score too high?
Rubicon Technology's current Beneish M-Score is -5.18. Based on the distribution chart, Rubicon Technology ranks #26 out of 987 companies in the Semiconductors industry, which is in the top quartile — a strong position relative to peers. Overall, Rubicon Technology has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.
How does Rubicon Technology's Beneish M-Score compare to SODI and SCIA?
According to the Semiconductors industry distribution chart, Rubicon Technology ranks #26 out of 987 companies for Beneish M-Score. This places Rubicon Technology in the top 3% of its industry — outperforming the majority of peers. 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 Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 Rubicon Technology and its competitors. Rubicon Technology's current Beneish M-Score is -5.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rubicon Technology stock overvalued right now?
Rubicon Technology (RBCN) has a current Beneish M-Score of -5.18. The current Beneish M-Score is -5.18. Rubicon Technology's overall GF Score™ is 36/100 with 6 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 Rubicon Technology (RBCN), the current Beneish M-Score is -5.18 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.

Rubicon Technology Business Description

Address 900 East Green Street, Bensenville, IL, USA, 60106
Rubicon Technology Inc operates in two reportable segments: Logistics and Manufacturing. The majority of its revenue is generated from the Logistics segment, which is a non-asset-based, full-service provider of cargo transportation logistics management services, including freight forwarding via air, ocean, and land-based carriers; customs brokerage services; warehousing and distribution services; trucking and other value-added logistics services. The Manufacturing segment is a materials provider specializing in monocrystalline sapphire for optical and industrial applications. This segment provides optical and industrial sapphire products and materials in a variety of shapes and sizes. Geographically, the company operates across North America, Asia, and other regions.
36GF Score

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