SDIIF (SDI Group) Beneish M-Score: -2.74 (As of Jun. 25, 2026)

What is SDI Group Beneish M-Score?

SDI Group SDIIF 93 Beneish M-Score is -2.74 as of Jun. 25, 2026. GuruFocus rates SDIIF with a GF Score™ of 93/100 and a GF Value™ of $1.31 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 2,403 Hardware companies, SDI Group ranks better than 70.99% 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SDIIF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74 Med: -2.48 Max: -2.19
Current: -2.74

During the past 13 years, the highest Beneish M-Score of SDI Group was -2.19. The lowest was -2.74. And the median was -2.48.

SDI Group Beneish M-Score Related Terms

SDI Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SDI Group'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.

SDI Group Beneish M-Score Chart

SDI Group Annual Data

Trend

Apr16

Apr17

Apr18

Apr19

Apr20

Apr21

Apr22

Apr23

Apr24

Apr25

Beneish M-Score

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-2.31

-2.61

-2.28

-2.45

-2.74

SDI Group Semi-Annual Data
	Apr16	Oct16	Apr17	Oct17	Apr18	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23	Apr24	Oct24	Apr25	Oct25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.45	0.00	-2.74	0.00

SDIIF vs COHR, KEYS, GRMN: Beneish M-Score Comparison

For the Scientific & Technical Instruments subindustry, SDI Group'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.

SDI Group Beneish M-Score vs Hardware Industry

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

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

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93GF Score

SDI Group PLC SDIIF

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

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SDI Group 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 SDI Group 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 * 1.0294

0.528 * 0.9728

0.404 * 1.0556

0.892 * 1.0552

0.115 * 0.9487

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0678

4.679 * -0.060229

0.327 * 0.9918

-2.69

This Year (Apr25) TTM:

Last Year (Apr24) TTM:

Total Receivables was $17.24 Mil.
Revenue was $86.96 Mil.
Gross Profit was $56.41 Mil.
Total Current Assets was $33.80 Mil.
Total Assets was $115.94 Mil.
Property, Plant and Equipment(Net PPE) was $18.92 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.48 Mil.
Selling, General, & Admin. Expense(SGA) was $15.77 Mil.
Total Current Liabilities was $16.17 Mil.
Long-Term Debt & Capital Lease Obligation was $27.69 Mil.
Net Income was $5.24 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $12.22 Mil.

Total Receivables was $15.87 Mil.
Revenue was $82.41 Mil.
Gross Profit was $52.00 Mil.
Total Current Assets was $31.00 Mil.
Total Assets was $102.21 Mil.
Property, Plant and Equipment(Net PPE) was $18.41 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.99 Mil.
Selling, General, & Admin. Expense(SGA) was $13.99 Mil.
Total Current Liabilities was $13.15 Mil.
Long-Term Debt & Capital Lease Obligation was $25.83 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)
	=	(17.235 / 86.961)	/	(15.866 / 82.411)
	=	0.198192	/	0.192523
	=	1.0294

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)
	=	(52.001 / 82.411)	/	(56.407 / 86.961)
	=	0.630996	/	0.648647
	=	0.9728

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 - (33.803 + 18.915) / 115.941)	/	(1 - (31.003 + 18.407) / 102.205)
	=	0.545303	/	0.51656
	=	1.0556

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
	=	86.961	/	82.411
	=	1.0552

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))
	=	(4.986 / (4.986 + 18.407))	/	(5.481 / (5.481 + 18.915))
	=	0.213141	/	0.224668
	=	0.9487

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)
	=	(15.765 / 86.961)	/	(13.991 / 82.411)
	=	0.181288	/	0.169771
	=	1.0678

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)
	=	((27.687 + 16.17) / 115.941)	/	((25.827 + 13.154) / 102.205)
	=	0.37827	/	0.3814
	=	0.9918

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
	=	(5.235 - 0	-	12.218)	/	115.941
	=	-0.060229

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.

SDI Group has a M-score of -2.69 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 -2.74 mean?

SDI Group (SDIIF) has a Beneish M-Score of -2.74 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SDI Group and its competitors. According to the industry distribution chart, SDI Group ranks #697 out of 2403 companies in the Hardware industry, placing it in the top 29%.

Is SDI Group's Beneish M-Score too high?

SDI Group's current Beneish M-Score is -2.74. Based on the distribution chart, SDI Group ranks #697 out of 2403 companies in the Hardware industry, which is above the industry midpoint. Overall, SDI Group has a GF Score™ of 93/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does SDI Group's Beneish M-Score compare to COHR and KEYS?

According to the Hardware industry distribution chart, SDI Group ranks #697 out of 2403 companies for Beneish M-Score. This puts SDI Group 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 Hardware company?

A good Beneish M-Score depends on the Hardware 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 SDI Group and its competitors. SDI Group's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is SDI Group stock overvalued right now?

Based on GuruFocus' analysis, SDI Group (SDIIF) is currently considered Modestly Undervalued. The stock's GF Value™ is $1.31, compared to a current price of $1.05 — trading 19.8% below its estimated fair value. The current Beneish M-Score is -2.74. SDI Group's overall GF Score™ is 93/100 with 4 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 SDI Group (SDIIF), the current Beneish M-Score is -2.74 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.

Is SDI Group (SDIIF) Overvalued in 2026?

Based on GuruFocus' analysis, SDI Group stock appears to be undervalued. The current stock price of $1.05 is trading 19.8% below its estimated GF Value™ of $1.31. GuruFocus considers SDI Group to be Modestly Undervalued.

Key valuation signals for SDIIF:

Beneish M-Score: -2.74
GF Value™: $1.31 vs. price of $1.05 (19.8% below fair value)
GF Score™: 93/100 with 4 warning signs

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

SDI Group Business Description

Industry Technology Hardware

Comparable Companies LSE:KMK LSE:QTX LSE:ONDO LSE:MET LSE:TRAC LSE:PIP LSE:SRT LSE:JDG TSE:6861 COHR KEYS GRMN TPE:2360 TDY OSTO:HEXA B MKSI FTV TRMB CGNX SZSE:002414

Other Exchanges SDI:UK SD0:Germany

Address Nuffield Road, Beacon House, Cambridge, GBR, CB4 1TF

Website https://www.sdigroup.com

SDI Group PLC designs and manufactures scientific and technology products for use by the life science, healthcare, astronomy, consumer manufacturing, and art conservation markets through Synoptics, the Artemis, the Opus instruments, and Astles Control systems brands. The Digital Imaging segment incorporates the Synoptics brands Syngene, Synbiosis, Synoptics Health and Fistreem, the Atik brands Atik Cameras, Opus, and Quantum Scientific Imaging, and the Graticules Optics business. The Sensors & Control segment combines Sentek, Astles Control Systems, Applied Thermal Control, Thermal Exchange, MPB Industries, and Chell Instruments businesses. It operates in the UK, Europe, America, Rest of Asia, and Rest of the world segments. It derives majority of its revenues from the United Kingdom.

93GF Score

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

$1.05

Price

$1.31

GF Value

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