SANG (Sangoma Technologies) Beneish M-Score: -2.87 (As of Jun. 26, 2026)

What is Sangoma Technologies Beneish M-Score?

Sangoma Technologies SANG +0.81% 65 Beneish M-Score is -2.87 as of Jun. 26, 2026. GuruFocus rates SANG with a GF Score™ of 65/100 and a GF Value™ of $4.09 (Fairly Valued). The stock has 2 warning signs investors should review. Among 2,634 Software companies, Sangoma Technologies ranks better than 71.3% 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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SANG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67 Med: -2.65 Max: -1.26
Current: -2.87

During the past 13 years, the highest Beneish M-Score of Sangoma Technologies was -1.26. The lowest was -3.67. And the median was -2.65.

Sangoma Technologies Beneish M-Score Related Terms

Sangoma Technologies Beneish M-Score Historical Data

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The historical data trend for Sangoma Technologies'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.

Sangoma Technologies Beneish M-Score Chart

Sangoma Technologies Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-1.81

-2.50

-2.69

-3.20

Sangoma Technologies 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															-3.46	-3.20	-3.16	-3.28	-2.87

SANG vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Sangoma Technologies'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.

Sangoma Technologies Beneish M-Score vs Software Industry

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

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

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65GF Score

Sangoma Technologies Corp SANG

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Sangoma Technologies 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 Sangoma Technologies 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 * 1.1972

0.528 * 0.9635

0.404 * 1.0122

0.892 * 0.8924

0.115 * 0.957

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0052

4.679 * -0.104044

0.327 * 0.7499

-2.82

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $12.5 Mil.
Revenue was 50.995 + 51.45 + 50.818 + 59.362 = $212.6 Mil.
Gross Profit was 36.361 + 38.246 + 36.805 + 40.041 = $151.5 Mil.
Total Current Assets was $40.7 Mil.
Total Assets was $317.4 Mil.
Property, Plant and Equipment(Net PPE) was $11.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $43.3 Mil.
Selling, General, & Admin. Expense(SGA) was $81.0 Mil.
Total Current Liabilities was $45.3 Mil.
Long-Term Debt & Capital Lease Obligation was $17.5 Mil.
Net Income was -2.335 + -1.996 + -2.337 + 0.209 = $-6.5 Mil.
Non Operating Income was -0.355 + -0.139 + -0.563 + -0.546 = $-1.6 Mil.
Cash Flow from Operations was 5.975 + 10.131 + 4.938 + 7.126 = $28.2 Mil.

Total Receivables was $11.7 Mil.
Revenue was 58.067 + 59.113 + 60.15 + 60.934 = $238.3 Mil.
Gross Profit was 40.039 + 40.488 + 41.181 + 41.807 = $163.5 Mil.
Total Current Assets was $48.4 Mil.
Total Assets was $361.4 Mil.
Property, Plant and Equipment(Net PPE) was $14.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.6 Mil.
Selling, General, & Admin. Expense(SGA) was $90.3 Mil.
Total Current Liabilities was $55.7 Mil.
Long-Term Debt & Capital Lease Obligation was $39.7 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)
	=	(12.524 / 212.625)	/	(11.722 / 238.264)
	=	0.058902	/	0.049198
	=	1.1972

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)
	=	(163.515 / 238.264)	/	(151.453 / 212.625)
	=	0.686277	/	0.712301
	=	0.9635

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 - (40.687 + 11.598) / 317.424)	/	(1 - (48.357 + 14.82) / 361.435)
	=	0.835283	/	0.825205
	=	1.0122

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
	=	212.625	/	238.264
	=	0.8924

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))
	=	(45.638 / (45.638 + 14.82))	/	(43.318 / (43.318 + 11.598))
	=	0.754871	/	0.788805
	=	0.957

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)
	=	(80.96 / 212.625)	/	(90.252 / 238.264)
	=	0.380764	/	0.37879
	=	1.0052

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)
	=	((17.536 + 45.302) / 317.424)	/	((39.687 + 55.724) / 361.435)
	=	0.197962	/	0.263978
	=	0.7499

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
	=	(-6.459 - -1.603	-	28.17)	/	317.424
	=	-0.104044

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.

Sangoma Technologies has a M-score of -2.82 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 -2.87 mean?

Sangoma Technologies (SANG) has a Beneish M-Score of -2.87 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sangoma Technologies and its competitors. According to the industry distribution chart, Sangoma Technologies ranks #756 out of 2634 companies in the Software industry, placing it in the top 28.7%.

Is Sangoma Technologies' Beneish M-Score too high?

Sangoma Technologies' current Beneish M-Score is -2.87. Based on the distribution chart, Sangoma Technologies ranks #756 out of 2634 companies in the Software industry, which is above the industry midpoint. Overall, Sangoma Technologies has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Sangoma Technologies' Beneish M-Score compare to MSFT and ORCL?

According to the Software industry distribution chart, Sangoma Technologies ranks #756 out of 2634 companies for Beneish M-Score. This puts Sangoma Technologies in the upper 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 Software company?

A good Beneish M-Score depends on the Software 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 Sangoma Technologies and its competitors. Sangoma Technologies's current Beneish M-Score is -2.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sangoma Technologies stock overvalued right now?

Based on GuruFocus' analysis, Sangoma Technologies (SANG) is currently considered Fairly Valued. The stock's GF Value™ is $4.09, compared to a current price of $3.73 — trading 8.8% below its estimated fair value. The current Beneish M-Score is -2.87. Sangoma Technologies' overall GF Score™ is 65/100 with 2 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 Sangoma Technologies (SANG), the current Beneish M-Score is -2.87 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 Sangoma Technologies (SANG) Overvalued in 2026?

Based on GuruFocus' analysis, Sangoma Technologies stock appears to be undervalued. The current stock price of $3.73 is trading 8.8% below its estimated GF Value™ of $4.09. GuruFocus considers Sangoma Technologies to be Fairly Valued.

Key valuation signals for SANG:

Beneish M-Score: -2.87
GF Value™: $4.09 vs. price of $3.73 (8.8% below fair value)
GF Score™: 65/100 with 2 warning signs

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

Sangoma Technologies Business Description

Industry Technology Software

Comparable Companies TSX:HAI XCNQ:RAIL XCNQ:ICS XCNQ:ISTK XCNQ:WERX XCNQ:YAI XCNQ:CYBT TSXV:CTRL TSX:ORIO TSXV:CYBE MSFT ORCL PLTR PANW CRWD FTNT SNPS HKSE:02513 NET CRWV

Other Exchanges 54GA:Germany STC:Canada

Address 333 Bay Street, Bay-Adelaide Centre, Suite 3400, Toronto, ON, CAN, M5H 2S7

Website https://www.sangoma.com

Sangoma Technologies Corp is a provider of hardware and software components that enable or enhance Internet Protocol Communications Systems for both telecom and datacom applications. It is engaged in the development, manufacturing, distribution, and support of voice and data connectivity components for software-based communication applications. Its product includes data and telecom boards for media and signal processing, as well as gateway appliances and software. The Company sells into two geographic centers: USA and Other countries. Key revenue is generated from USA.

65GF Score

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

$3.73

Price

$4.09

GF Value

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