RFL (Rafael Holdings) Beneish M-Score: -2.95 (As of Jun. 26, 2026)


RFL Rafael Holdings Inc RFL
48 GF Score
Price $2.70
GF Value $1.35
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is Rafael Holdings Beneish M-Score?

Rafael Holdings RFL -0.37% 48 Beneish M-Score is -2.95 as of Jun. 26, 2026. GuruFocus rates RFL with a GF Score™ of 48/100 and a GF Value™ of $1.35 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,682 Real Estate companies, Rafael Holdings ranks better than 82.34% 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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

RFL' s Beneish M-Score Range Over the Past 10 Years
Min: -7.99   Med: -2.91   Max: 8.82
Current: -2.95

During the past 10 years, the highest Beneish M-Score of Rafael Holdings was 8.82. The lowest was -7.99. And the median was -2.91.

Rafael Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Rafael Holdings'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.

Rafael Holdings Beneish M-Score Chart

Rafael Holdings Annual Data
Trend Jul16 Jul17 Jul18 Jul19 Jul20 Jul21 Jul22 Jul23 Jul24 Jul25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.73 -4.68 8.82 -4.58 -2.71

Rafael Holdings Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
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 -2.42 -2.71 -2.65 -2.47 -2.95

RFL vs ASPS, MAYS, EUDA: Beneish M-Score Comparison

For the Real Estate Services subindustry, Rafael Holdings'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.

Rafael Holdings Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Rafael Holdings's Beneish M-Score distribution charts can be found below:

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


RFL
48GF Score
Rafael Holdings Inc RFL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Rafael Holdings 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 Rafael Holdings 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 * 0.5304+0.528 * 0.7872+0.404 * 1.0204+0.892 * 1.3388+0.115 * 1.3559
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8969+4.679 * -0.05231-0.327 * 1.1662
=-2.95

* 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 (Apr26) TTM:Last Year (Apr25) TTM:
Total Receivables was $0.29 Mil.
Revenue was 0.179 + 0.211 + 0.24 + 0.35 = $0.98 Mil.
Gross Profit was 0.171 + 0.199 + 0.231 + 0.331 = $0.93 Mil.
Total Current Assets was $34.86 Mil.
Total Assets was $91.99 Mil.
Property, Plant and Equipment(Net PPE) was $1.52 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.20 Mil.
Selling, General, & Admin. Expense(SGA) was $12.75 Mil.
Total Current Liabilities was $11.02 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -4.226 + -6.417 + -9.816 + -12.094 = $-32.55 Mil.
Non Operating Income was 3.698 + 0.2 + 0.115 + 0.236 = $4.25 Mil.
Cash Flow from Operations was -7.284 + -7.523 + -6.806 + -10.377 = $-31.99 Mil.
 Total Receivables was $0.41 Mil.
Revenue was 0.362 + 0.077 + 0.128 + 0.165 = $0.73 Mil.
Gross Profit was 0.322 + 0.039 + 0.091 + 0.096 = $0.55 Mil.
Total Current Assets was $42.44 Mil.
Total Assets was $108.10 Mil.
Property, Plant and Equipment(Net PPE) was $1.61 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.31 Mil.
Selling, General, & Admin. Expense(SGA) was $10.61 Mil.
Total Current Liabilities was $11.03 Mil.
Long-Term Debt & Capital Lease Obligation was $0.08 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)
=(0.294 / 0.98) / (0.414 / 0.732)
=0.3 / 0.565574
=0.5304

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)
=(0.548 / 0.732) / (0.932 / 0.98)
=0.748634 / 0.95102
=0.7872

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 - (34.858 + 1.524) / 91.99) / (1 - (42.443 + 1.614) / 108.096)
=0.6045 / 0.592427
=1.0204

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
=0.98 / 0.732
=1.3388

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))
=(0.306 / (0.306 + 1.614)) / (0.203 / (0.203 + 1.524))
=0.159375 / 0.117545
=1.3559

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)
=(12.745 / 0.98) / (10.614 / 0.732)
=13.005102 / 14.5
=0.8969

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)
=((0.002 + 11.02) / 91.99) / ((0.076 + 11.03) / 108.096)
=0.119817 / 0.102742
=1.1662

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
=(-32.553 - 4.249 - -31.99) / 91.99
=-0.05231

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.

Rafael Holdings has a M-score of -2.95 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 -2.95 mean?
Rafael Holdings (RFL) has a Beneish M-Score of -2.95 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rafael Holdings and its competitors. According to the industry distribution chart, Rafael Holdings ranks #297 out of 1682 companies in the Real Estate industry, placing it in the top 17.7%.
Is Rafael Holdings' Beneish M-Score too high?
Rafael Holdings' current Beneish M-Score is -2.95. Based on the distribution chart, Rafael Holdings ranks #297 out of 1682 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Rafael Holdings has a GF Score™ of 48/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Rafael Holdings' Beneish M-Score compare to ASPS and MAYS?
According to the Real Estate industry distribution chart, Rafael Holdings ranks #297 out of 1682 companies for Beneish M-Score. This places Rafael Holdings in the top 18% 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Rafael Holdings and its competitors. Rafael Holdings's current Beneish M-Score is -2.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rafael Holdings stock overvalued right now?
Based on GuruFocus' analysis, Rafael Holdings (RFL) is currently considered Significantly Overvalued. The stock's GF Value™ is $1.35, compared to a current price of $2.70 — trading 100% above its estimated fair value. The current Beneish M-Score is -2.95. Rafael Holdings' overall GF Score™ is 48/100 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 Rafael Holdings (RFL), the current Beneish M-Score is -2.95 as of Jun. 26, 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 Rafael Holdings (RFL) Overvalued in 2026?

Based on GuruFocus' analysis, Rafael Holdings stock appears to be overvalued. The current stock price of $2.70 is trading 100% above its estimated GF Value™ of $1.35. GuruFocus considers Rafael Holdings to be Significantly Overvalued.

Key valuation signals for RFL:

  • Beneish M-Score: -2.95
  • GF Value™: $1.35 vs. price of $2.70 (100% above fair value)
  • GF Score™: 48/100 with 8 warning signs

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

Rafael Holdings Business Description

Address 520 Broad Street, Newark, NJ, USA, 07102
Rafael Holdings Inc is a biotechnology firm that develops pharmaceuticals and invests in clinical and early-stage companies in pharmaceuticals and medical devices. Trappsol Cyclo is in Phase 3 trials for Niemann-Pick Disease Type C1. The company focuses on completing these trials, seeking regulatory approval, and commercializing the product. It also invests in portfolio companies including Cyclo, LipoMedix, Barer, Rafael Medical Devices, Cornerstone, and Day Three, targeting therapeutics for unmet medical needs. The business operates through three segments: Healthcare, Infusion Technology, and Real Estate. Operations are based in the United States and Israel.
48GF Score

Get the complete analysis for RFL

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

$2.70
Price
$1.35
GF Value